Wall Street: Oil price falls, Palantir exceeds expectations
The situation in the Middle East is weighing on the oil price. AI data company Palantir is once again raising its annual forecast. But another company is also causing a surprise.
The stock market opened with significant gains on Wall Street, with both the Dow Jones and Nasdaq indices rising. Support came from remarks made by U.S. Treasury Secretary Scott Bessent on CNBC, suggesting an agreement with Iran could be achieved today or by tomorrow, reopening the Strait of Hormuz. This prospect of a de-escalation in the Middle East alleviates oil prices while simultaneously driving up stock prices.
Artificial intelligence (AI) remains a focal point, with JPMorgan emphasizing that concerns over the returns on massive AI investments are increasingly being resolved. The hyperscalers justify their record spending on an unrelenting surge in demand, while record inflows into semiconductor ETFs indicate that investors have taken advantage of the recent correction to re-enter the market.
Meanwhile, Chinese memory manufacturers such as CXMT continue to strengthen their position in the global DRAM market, securing their first international PC manufacturers as clients. Palantir impressed investors by raising its annual forecast, and Caterpillar delivered a surprisingly strong quarter alongside a record order backlog.
Among other topics today, Merck, Pfizer, and McDonald's will present their figures ahead of the market opening, followed by AMD after trading hours.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
