Market Wrap / record rally

News of an imminent reopening of the Strait of Hormuz buoyed global investor sentiment, which saw the local market open at an intraday record high.The S&P/ASX 200 Index then faltered before surging to another record in the afternoon, rising 0.90% to settle at 9,227.80.Wall Street's renewed appetite for tech flowed through to the local sector with WiseTech adding 6%, while Life360 climbed another 4.4%.The materials sector was the best performer with BHP gaining 3%, despite ongoing weakness in the iron ore price, which was offset by the rising price of copper. Monadelphous lifted 0.4% after winning a $200 million BHP contract and IperionX rebounded 10%.Energy stocks tracked oil prices lower, with Woodside losing 3.4%, while the big banks dropped again ahead of their earnings results. CBA fell 1.8%.Endeavour Group lost 1.9% after revealing a 15% fall in its preliminary profit, whereas better-than-expected quarterly earnings boosted gaming and poker machine company, Light & Wonder, by 2.35%. Neuren Pharmaceuticals jumped 17.5% on record quarterly royalty income.Argo Investments added 2% and Pinnacle Investment Management rose 8.2% having released its positive results after the market closed on Tuesday.Tonight, Qualcomm and Uber headline US earnings.