US stock markets moved closer to record levels on Tuesday as easing oil prices shifted investor focus back to strong corporate earnings, AP reported.The S&P 500 rose 0.6 per cent and was on track to surpass its all-time high set last week. The Dow Jones Industrial Average gained 248 points, or 0.5 per cent, while the Nasdaq Composite advanced 0.7 per cent, also heading toward record territory.Markets found support after Brent crude prices fell 3.3 per cent to $110.70 per barrel, retreating from levels above $115 seen on Monday. However, prices remain significantly higher than the roughly $70 levels before the Iran conflict.A fragile ceasefire appears to be holding despite renewed tensions, including claims by the UAE that Iran launched missiles and drones. The US military is attempting to reopen shipping routes in the Strait of Hormuz to restore oil flows.Iran’s parliamentary speaker Mohammad Bagher Qalibaf accused the US of undermining regional stability and warned of a response to efforts aimed at ending Iran’s control over the strait.Despite geopolitical risks, US equities have remained resilient, supported by stronger-than-expected earnings for early 2026.“This has been a ‘why ask why’ market,” said Scott Wren, senior global market strategist at Wells Fargo Investment Institute. “You just have to go with it.”He added that “investors are looking at earnings” and continued investments in AI infrastructure.Among stocks, DuPont surged 8.7 per cent after reporting better-than-expected quarterly results and raising its full-year outlook, despite some disruption in its water technologies business due to the Middle East conflict.Pinterest jumped 14 per cent after beating profit and revenue estimates, supported by an 11 per cent rise in monthly active users to 631 million.AB InBev climbed 9.2 per cent after exceeding profit forecasts, driven by strong global demand for brands such as Corona, Stella Artois and Michelob Ultra. “Cheers to beer,” CEO Michel Doukeris said.American Electric Power and Cummins also posted gains after reporting earnings above expectations.However, Palantir Technologies declined 4.3 per cent despite strong results, amid concerns over rising competition and after a sharp rally in previous years.In global markets, European indices were mixed, with France’s CAC 40 rising 0.6 per cent while London’s FTSE 100 fell 1.7 per cent. Hong Kong’s Hang Seng declined 0.8 per cent, while several Asian markets remained closed for holidays.Australia’s S&P/ASX 200 slipped 0.2 per cent after the central bank raised interest rates to 4.35 per cent, citing inflation pressures from rising fuel and commodity prices linked to the Middle East conflict.In the US bond market, the yield on the 10-year Treasury eased to 4.42 per cent from 4.45 per cent, following the pullback in oil prices and mixed economic data.Data showed US services sector growth slowed last month, while job openings rose slightly more than expected, signaling continued resilience in the labor market.The 10-year yield, however, remains above its pre-war level of 3.97 per cent, keeping borrowing costs elevated for households and businesses.
