S&P 500 poised to reach new record high as Caterpillar surges and oil falls

Market Report US Markets Written by: Oliver Haill 08:09 Tue 04 Aug 2026 --> Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup News Service, Gracenote... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. S&P 500 poised to reach new record high as Palantir and Caterpillar surge Published: 08:09 04 Aug 2026 EDT Wall Street futures were given a new boost ahead of another packed earnings session, helped by a renewed fall in oil prices as hopes of a deal with Iran resurfaced. Dow Jones futures were up 453 points, or 0.9%, while those for the Nasdaq gained 0.9%. S&P 500 futures were 0.2% higher, putting them on course for a new record high. A day earlier saw a broad rally, with the Nasdaq jumping 2.1%, the Dow up 1.3% and the S&P 500 climbing 1.5% to just over 7,600, within 20 points of its record high. WTI crude fell 4.2% to $76.90 a barrel following comments from US Treasury Secretary Scott Bessent that an agreement to reopen the Strait of Hormuz could be close. "I think there's a chance we may have a deal today or tomorrow to open the strait," Bessent told CNBC. The move marks another rapid change in direction for oil, which had climbed overnight after two tankers were reportedly struck and Iran denied that talks with Washington had resumed. Market analyst Kenny Polcari at Slatestone Wealth said the rally so far this week has been driven by positive tech earnings combined with easing geopolitical tensions lowering oil prices. He said the drop in crude eased fears that another energy shock would reignite inflation and force the Federal Reserve to reconsider its policy outlook. Daniela Hathorn at Capital.com noted that it was not just tech providing a boost, with around 85% of S&P 500 companies having beaten forecasts, with aggregate earnings growth running above 47%. Shares in Palantir were up 15% in premarket trading after reporting overnight, with earnings well ahead of expectations, and commercial revenue expected to grow 134% this year. And Caterpillar shares were up over 10% in pre-market trading after it reported profits above estimates as AI demand boosted sales at its power-generation business. Today's other earnings include Merck, McDonald's, Pfizer, BP, Spotify, Marathon Petroleum and Apollo Global Management (NYSE:APO) before the opening bell. Later, SpaceX and Advanced Micro Devices will lead the after-hours results, alongside Arista Networks, Amgen, Gilead Sciences, Booking Holdings and Emerson Electric. Continue reading