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(Bloomberg) — Hopes for a deal to revive the Strait of Hormuz lifted stocks toward all-time highs, bonds rose and oil sank, with Wall Street’s enthusiasm also fueled by a batch of solid corporate earnings.
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Brent crude fell below $80 on optimism that mediators will be able to broker a deal and avoid major American airstrikes on Iran. In a fourth straight day of gains, the S&P 500 topped its June closing record. A solid outlook from Palantir Technologies Inc. reassured investors about artificial-intelligence demand, with traders now gearing up for SpaceX and Advanced Micro Devices Inc.’s results later Tuesday.
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The prospect of a deal between the US and Iran appeared to be gaining traction, after Qatar said a proposal had been drafted and American Treasury Secretary Scott Bessent sounded hopeful on an agreement to reopen the Strait of Hormuz.
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“We’re in talks with the Iranians and I think there is a chance we may have a deal today or tomorrow to open the strait,” Bessent told CNBC. Asked whether there would be a toll on maritime traffic, he added: “I think it would be freedom of movement.”
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Visible flows through the waterway, which carried about a fifth of the world’s crude before the war, have slowed as attacks on vessels and Iranian threats heightened safety concerns for shipowners and crews. Oil prices have eased dramatically from last month’s peak, however, as President Donald Trump postponed new strikes on Iran to give talks more time.
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“Markets are reacting to the possibility that a reopening of the Strait of Hormuz could help normalize global oil supplies and reduce near-term energy price pressures,” said Tony Miano at Wells Fargo Investment Institute. “Lower oil prices can ease inflation concerns.”
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Corporate Highlights:
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- Anthropic PBC has struck a $10 billion deal for computing capacity from a months-old infrastructure startup, according to people familiar with the matter, marking the Claude maker’s latest effort to keep pace with demand for its products.
- Caterpillar Inc. crushed Wall Street’s second-quarter expectations and raised its sales outlook, easing concerns that demand for power-generation equipment used in data centers was beginning to cool.
- McDonald’s Corp. named a new US president to bring “focus and urgency” to its home market, after the fast-food chain posted its slowest growth in over a year.
- Snap Inc. posted higher-than-projected quarterly sales and gave an upbeat forecast for the current period, signaling optimism ahead of the September commercial debut of its first pair of augmented reality glasses.
- Spotify Technology SA, the world’s largest music streaming service, gave disappointing forecasts for active users and operating income in the third quarter.
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Some of the main moves in markets:
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Stocks
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- The S&P 500 rose 0.6% as of 9:47 a.m. New York time
- The Nasdaq 100 rose 1.9%
- The Dow Jones Industrial Average rose 0.9%
- The Stoxx Europe 600 rose 0.8%
- The MSCI World Index rose 0.6%
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Currencies
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- The Bloomberg Dollar Spot Index was little changed
- The euro rose 0.1% to $1.1524
- The British pound rose 0.1% to $1.3450
- The Japanese yen fell 0.1% to 157.34 per dollar
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Cryptocurrencies
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- Bitcoin was little changed at $63,745.61
- Ether fell 0.2% to $1,863.07
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Bonds
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- The yield on 10-year Treasuries declined four basis points to 4.63%
- Germany’s 10-year yield declined five basis points to 3.10%
- Britain’s 10-year yield declined three basis points to 4.92%
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Commodities
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- West Texas Intermediate crude fell 5.2% to $76.20 a barrel
- Spot gold rose 0.8% to $4,086.10 an ounce
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