U.S. stocks experienced a significant surge Tuesday, with the Dow Jones Industrial Average reaching a new all-time high of 54085.88. This rally was largely attributed to Treasury Secretary Scott Bessent's statement that a deal with Iran to reopen the Strait of Hormuz could be imminent, potentially occurring "today or tomorrow."

The S&P 500 also hit a record, closing at 7736.52, while the Nasdaq composite advanced 2.59%. Oil prices fell sharply following Bessent's comments, with Brent crude dropping 4.41% to $79.36 a barrel. However, a recent attack on a cargo vessel highlighted the precariousness of any potential agreement.

Several companies saw notable gains. Palantir surged nearly 30% on strong revenue growth and an optimistic outlook, with CEO Alex Karp describing the results as "otherworldly." Caterpillar jumped 5.6% following a 35% increase in construction sales. Wayfair also climbed 30% as its U.S. furniture business reported its best second quarter since 2020. Boeing gained 1.6% after its 737 MAX 7 received FAA certification.