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Stocks rise despite Iran tensions, oil up, yen eases
['Caroline Valetkevitch', 'Stefano Rebaudo', 'Tue', 'August', 'At Pm Gmt', 'Min Read']
Yahoo Finance
By Caroline Valetkevitch and Stefano RebaudoNEW YORK/MILAN, Aug 4 (Reuters) - Major stock indexes hit record highs on Tuesday following upbeat forecasts from Caterpillar and other companies, and oil prices extended recent sharp declines.
Weighing on oil were comments by Qatari and U.S. officials that raised hopes for a diplomatic resolution to the Iran war that could improve oil flows through the Strait of Hormuz.
Treasury Secretary Scott Bessent earlier said that a deal with Iran to reopen the strait could come as soon as Tuesday or Wednesday.
More than 80% of S&P 500 companies are beating analysts' earnings expectations for the last quarter, according to LSEG data.
The company posted its first quarterly results as a public company, highlighting a 92% rise in revenue on strong growth in its Starlink satellite-internet and AI businesses.