Market Open: Stocks Soar, Bessent: Iran Deal Nears, Trump Attacks Big Oil • 8/4/26

Summary

CNBC's Jessica Ettinger covers a morning rally on Wall Street driven by Treasury Secretary Bessent's hint of a possible Strait of Hormuz deal. Peter Orszag warns that any Iran deal is unlikely to be sustainable, while President Trump predicts an oil price crash once the Iran conflict ends and blasts Big Oil for profiteering. Earnings moves from Caterpillar, Palantir and McDonald's round out the update.

• Stocks rally sharply at the open; Dow hits fresh record high on Hormuz deal hopes.
• Treasury Secretary Scott Bessent says a deal to open the Strait of Hormuz may come today or tomorrow.
• Lazard's Peter Orszag expresses skepticism that any Iran deal will hold, seeing a prolonged muddle.
• President Trump warns that oil prices will 'drop through the floor' when the Iran conflict ends and criticizes Chevron/Exxon for excessive profits.
• Oil prices initially fell on deal hopes but rebounded on denial from Iran; US crude stays below $78.
• Caterpillar shares surge 11% after raising its full-year sales growth forecast, noting data center demand.
• Palantir gains 6% on strong earnings; McDonald's mixed amid cautious consumer commentary and slowing same-store sales growth.