{
  "id": 130406,
  "title": "S&P 500 hits record, Dow surges 700 points after Bessent says Hormuz deal is near: Live updates",
  "url": "https://urgent.news/2026/08/04/s-p-500-hits-record-dow-surges-700-points-after-bessent-says-hormuz",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-04T13:33:42.000Z",
  "source": {
    "name": "CNBC",
    "slug": "cnbc-2",
    "url": "https://www.cnbc.com/2026/08/03/stock-market-today-live-updates.html?__source=newsletter%7Cbreakingnews"
  },
  "original_language": "en",
  "account": "Stocks experienced a significant surge on Tuesday, driven by robust quarterly earnings from leading companies like Palantir Technologies and Caterpillar, coupled with a drop in oil prices due to optimism surrounding a potential U.S.-Iran deal to reopen the Strait of Hormuz. The S&P 500 climbed 0.5%, while the Nasdaq Composite soared 0.9%, with Palantir surging more than 17%. The Dow Jones Industrial Average experienced a massive 772-point increase, or 1.4%, propelled by a 12% rise in Caterpillar's stock. Treasury Secretary Scott Bessent stated in an CNBC interview that \"we are in talks with the Iranians.\" He added, \"There is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict.\" Oil prices dropped in response to Bessent's comments, with West Texas Intermediate futures falling 3% to around $77 per barrel and Brent crude declining 2% to roughly $81 a barrel. The major stock averages soared in Monday's session, with the Dow reaching a record high, following an unprecedented surge in Amazon's market capitalization to $3 trillion. Nvidia shares also saw substantial gains, as did Meta Platforms. Alphabet and Microsoft also experienced notable price increases during the day. As of Monday's move, the S&P 500 was only 0.27% away from setting a new all-time intraday high. Palantir posted impressive results for the second quarter, with CEO Alex Karp describing the outcome as \"otherworldly\" due to the growing demand for artificial intelligence sovereignty. Commercial revenue jumped 149% to $764 million. Karp expressed optimism about the \"sovereign AI revolution\" making a significant impact on the future. Caterpillar also reported better-than-expected Q2 numbers and raised its revenue growth guidance, citing strong demand for its equipment. Other tech names followed Palantir's lead, with Micron Technology up 4% and Marvell Technology advancing 8%. Economists describe the current market sentiment as \"animal spirits being buoyant\" as the month begins. Investors are closely monitoring SpaceX, which is set to report its first quarterly earnings as a publicly traded company, and the stock saw a 1% increase ahead of the market open.",
  "summary": null,
  "key_points": [
    "S&P 500 hits record high, Dow surges 772 points",
    "Hormuz deal nears, U.S.-Iran talks ongoing",
    "Palantir earnings soar 149%, CEO calls AI revolution \"otherworldly\""
  ],
  "editors_take": null,
  "illustration": "https://urgent.news/ill/130406.png",
  "coverage": {
    "outlets": 8,
    "also_reported_by": [
      {
        "outlet": "Cointelegraph",
        "title": "Bitcoin coils at $64K as Hormuz reopening timeline sends S&P 500 to $70T record",
        "url": "https://urgent.news/2026/08/04/bitcoin-coils-at-64k-as-hormuz-reopening-timeline-sends-s-p-500-to",
        "published": "2026-08-04T16:38:54.000Z"
      },
      {
        "outlet": "Hellenic Shipping News",
        "title": "Bessent says U.S. could have deal with Iran “today or tomorrow”",
        "url": "https://urgent.news/2026/08/04/bessent-says-u-s-could-have-deal-with-iran-today-or-tomorrow",
        "published": "2026-08-04T17:00:49.000Z"
      },
      {
        "outlet": "CBS News",
        "title": "Dow soars 1,000 points on strong corporate profits, hopes of Iran deal",
        "url": "https://urgent.news/2026/08/04/dow-soars-1-000-points-on-strong-corporate-profits-hopes-of-iran-deal",
        "published": "2026-08-04T18:47:08.000Z"
      },
      {
        "outlet": "FXStreet",
        "title": "Forex Today: Oil extends collapse on Hormuz reopening reports, Silver surges",
        "url": "https://urgent.news/2026/08/04/forex-today-oil-extends-collapse-on-hormuz-reopening-reports-silver",
        "published": "2026-08-04T19:51:39.000Z"
      },
      {
        "outlet": "CNBC",
        "title": "U.S. says Strait of Hormuz is 'free and open' as Bessent says deal with Iran is close",
        "url": "https://urgent.news/2026/08/05/u-s-says-strait-of-hormuz-is-free-and-open-as-bessent-says-deal-with",
        "published": "2026-08-05T01:26:27.000Z"
      },
      {
        "outlet": "CoinDesk",
        "title": "Bitcoin flat at $64,000 as stocks print records and Hormuz deal nears",
        "url": "https://urgent.news/2026/08/05/bitcoin-flat-at-64-000-as-stocks-print-records-and-hormuz-deal-nears",
        "published": "2026-08-05T04:32:16.000Z"
      },
      {
        "outlet": "Fortune",
        "title": "A deal with Iran on the Strait of Hormuz—with a truckload of caveats—could come as soon as today",
        "url": "https://urgent.news/2026/08/05/a-deal-with-iran-on-the-strait-of-hormuz-with-a-truckload-of-caveats",
        "published": "2026-08-05T10:03:56.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}