The Dow Jones Industrial Average and S&P 500 closed at record highs on Tuesday, driven by better-than-expected quarterly earnings in the artificial intelligence sector. Caterpillar shares jumped 5.6 % after raising its annual revenue growth forecast, while Palantir surged 29.5 % following its own upward revision to annual guidance. Of the 304 S&P 500 companies that had reported second-quarter results, 85.2 % beat estimates, well above the long-term average of 67.5 %. The optimism extended globally, with the European STOXX 600 and MSCI All Country World Index also closing at record highs. However, some analysts remain cautious, arguing that a handful of positive earnings reports does not necessarily justify these new records.
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