Nasdaq Futures Climb as Tech Rally Continues on Palantir Boost, U.S. JOLTS Report and SpaceX Earnings on Tap

September Nasdaq 100 E-Mini futures (NQU26) are up +0.67% this morning, signaling further gains for tech stocks as blockbuster earnings from Palantir Technologies boosted sentiment.

Palantir Technologies (PLTR) jumped over +16% in pre-market trading after the technology company reported blowout Q2 results and raised its full-year revenue and income forecasts. The stronger guidance helped ease investors’ concerns that Palantir’s business could be hurt by AI developers such as Anthropic selling their own software and by governments outside the U.S. increasingly partnering with domestic tech firms.

Also aiding sentiment, ON Semiconductor (ON) climbed more than +7% in pre-market trading after the chipmaker posted better-than-expected Q2 results, issued solid Q3 guidance, and said it expects AI data center revenue to more than double in 2026.

Strong results and guidance from Palantir and ON Semiconductor helped revive enthusiasm for the AI trade. Marvell Technology, Sandisk, and Micron Technology surged in pre-market trading.

Meanwhile, the price of WTI crude rose over +1% on Tuesday amid conflicting signals over efforts to reopen the Strait of Hormuz. Iran said on Monday that no talks with the U.S. were underway after U.S. President Donald Trump said he had called off a strike on the country to allow for negotiations. President Trump, on social media on Monday, called Iran’s leadership “unbelievably duplicitous,” saying they had requested negotiations to end the conflict and then announced that no talks were taking place. Mr. Trump later told reporters in the Oval Office: “This is the last chance for them to sign a good document.”

Investors are now awaiting the U.S. job openings data and a slew of corporate earnings reports, with a particular focus on results from SpaceX and Advanced Micro Devices.

In yesterday’s trading session, Wall Street’s main stock indexes ended in the green. Most members of the Magnificent Seven rallied, with Meta Platforms (META) climbing over +6% and Alphabet (GOOGL) gaining more than +4%. Also, airlines and other travel stocks advanced as oil prices sank, with Norwegian Cruise Line Holdings (NCLH) rising over +6% and United Airlines Holdings (UAL) gaining more than +5%. In addition, First Solar (FSLR) surged more than +10% and was the top percentage gainer on the S&P 500 as investors flocked to the stock ahead of a key government decision on an investigation into imported polysilicon. On the bearish side, Fair Isaac (FICO) slumped over -6% after Wolfe Research downgraded the stock to Peer Perform from Outperform.

Economic data released on Monday showed that the U.S. ISM manufacturing index rose to 55.6 in July, beating expectations of 54.0 and marking the fastest pace of expansion in four years. Also, the U.S. July S&P Global manufacturing PMI was revised upward to 53.9, stronger than expectations of no change at 53.8. At the same time, U.S. June construction spending unexpectedly fell -0.1% m/m, weaker than expectations of +0.2% m/m.

New York Fed President John Williams said in an interview with Reuters published on Monday that interest rates remain well positioned as inflation is expected to ease in the second half of the year. “My forecast personally is for inflation to come down in ⁠the second half of this year and come down further next year. I think monetary policy currently is well positioned in where ​we are today to support that disinflationary path,” Williams said.

Meanwhile, U.S. rate futures have priced in a 63.6% probability of a 25-basis-point rate hike and a 36.4% chance of no rate change at the next central bank meeting in September.

“Labor-market data and earnings will determine whether stocks can build on last week’s resilience. The market absorbed the Federal Reserve, earnings, inflation, and a significant rotation in leadership without breaking down. After spending much of the summer in wait-and-see mode, the market may be laying the groundwork for its next breakout,” said Mark Hackett at Nationwide.

Second-quarter corporate earnings season rolls on, with investors anticipating fresh reports from major companies today, including SpaceX (SPCX), Advanced Micro Devices (AMD), Caterpillar (CAT), McDonald’s (MCD), and Arista Networks (ANET). All eyes will be on SpaceX’s earnings report, due after the bell—its first since becoming a public company. Investors will focus on the company’s AI business, capital expenditures, and comments from CEO Elon Musk. AMD’s results will also draw close attention. According to Bloomberg Intelligence, companies in the S&P 500 are expected to post an average +26% jump in quarterly earnings for Q2 compared to the previous year.

On the economic data front, investors will focus on U.S. JOLTS Job Openings data, set to be released in a couple of hours. Economists, on average, forecast that June JOLTS Job Openings will come in at 7.440 million, compared to the May figure of 7.594 million.

U.S. Factory Orders data will also be released today. Economists expect June factory orders to rise +0.2% m/m after falling -1.3% m/m in May.

U.S. Trade Balance data will be released today as well. Economists anticipate that the trade deficit will narrow to -$73 billion in June from -$77.6 billion in May.

In the bond market, the yield on the benchmark 10-year U.S. Treasury note is at 4.71%, up +0.62%.

The Euro Stoxx 50 Index is up +0.52% this morning as investors digest a flurry of corporate earnings reports, while monitoring developments in the Middle East. Technology stocks were among the biggest gainers on Tuesday, boosted by strong earnings from U.S. tech firm Palantir, which beat expectations and raised its full-year guidance. Mining and industrial stocks also climbed. In addition, energy stocks advanced as oil prices rebounded from Monday’s slump. However, the benchmark index’s advance was capped by weakness in travel and leisure stocks, as higher energy prices and disappointing earnings from Lufthansa weighed on the sector. Meanwhile, Europe is posting one of its strongest earnings scorecards in years, and analysts are becoming even more optimistic about a broad range of sectors, setting the stage for regional stocks to reach fresh highs. MSCI Europe profits have jumped 14%, with more than half of the index’s constituents beating second-quarter estimates. “European earnings growth remains significantly stronger than perception,” according to Goldman Sachs strategist Peter Oppenheimer. In other corporate news, Bayer AG (BAYN.D.DX) rose over +2% after the German pharmaceutical group swung to a net profit in the second quarter.

The European economic data slate is mainly empty on Tuesday.

Asian stock markets today settled in the green. China’s Shanghai Composite Index (SHCOMP) closed up +0.33%, and Japan’s Nikkei 225 Stock Index (NIK) closed up +0.32%.

China’s Shanghai Composite Index closed higher today, led by gains in the tech sector. Semiconductor and other AI-related stocks rallied on Tuesday, rebounding from a recent selloff. Research firm Artificial Analysis said that a version of DeepSeek’s flagship AI model is by far the cheapest to run on benchmark tests among the world’s leading AI models. The finding renewed confidence in domestic tech advancements and encouraged investors to buy the dip in AI-linked stocks. Healthcare stocks also climbed, led by a +10% jump in WuXi AppTec after the pharmaceutical services company posted strong first-half results and raised its full-year revenue guidance. Elsewhere, Bloomberg reported on Monday that China has grown increasingly concerned that Anthropic’s Mythos could be used against the world’s second-largest economy, adding a new source of volatility to already heightened tensions ahead of a planned summit between Xi Jinping and Donald Trump. Investor attention this week is on China’s inflation and trade data for July. Economists expect China’s consumer inflation to moderate further, while producer inflation is projected to ease after accelerating for three consecutive months. A weaker-than-expected CPI reading would likely strengthen calls for more forceful policy support and could place greater focus on the “effective and practical new measures” pledged by the Politburo for the September-October period. At the same time, economists project the nation’s exports and imports to remain robust in July.

Japan’s Nikkei 225 Stock Index reversed early losses and closed higher today. Chip stocks broadly advanced on Tuesday, supported by overnight gains among U.S. peers. Heavy industry stocks also gained. The yen weakened against the dollar in Asian trade, giving back part of its recent gains sparked by U.S. and Japanese intervention. However, investors remained cautious about the possibility of further yen-buying intervention. Meanwhile, Japanese government bond yields rose on Tuesday after a 10-year bond auction drew the weakest demand since May 2025. “Appetite for the 10-year bonds was dented because of the uncertainties over sources of funding for the consumption tax, while yields are under upward pressure,” said Yuki Kimura at Okasan Securities. Elsewhere, Japanese Economy Minister Minoru Kiuchi said on Tuesday that the country has experienced only modest increases in consumer prices so far, with the impact of higher costs stemming from the Middle East conflict remaining limited. Investor focus now turns to Japan’s wage data for June, scheduled for release on Wednesday, which will be scrutinized for signs that stronger pay growth is supporting underlying inflation and the case for further policy normalization by the Bank of Japan. Market participants will also closely watch the minutes of the BOJ’s June meeting, at which it raised interest rates to a three-decade high of 1.00%. The Nikkei Volatility Index, which takes into account the implied volatility of Nikkei 225 options, closed down -3.46% to 34.27.

Pre-Market U.S. Stock Movers

Palantir Technologies (PLTR) jumped over +16% in pre-market trading after the technology company reported blowout Q2 results and raised its full-year revenue and income forecasts.

ON Semiconductor (ON) climbed more than +7% in pre-market trading after the chipmaker posted better-than-expected Q2 results, issued solid Q3 guidance, and said it expects AI data center revenue to more than double in 2026.

Chip and AI infrastructure stocks jumped in pre-market trading following strong results and guidance from Palantir and ON Semiconductor. Marvell Technology (MRVL) was up over +8%, Sandisk (SNDK) was up more than +5%, and Micron Technology (MU) was up over +4%.

Snap (SNAP) advanced more than +5% in pre-market trading after the social media company reported stronger-than-expected Q2 results and issued above-consensus Q3 revenue guidance.

Amazon.com (AMZN) fell over -2% in pre-market trading after Chair Jeff Bezos disclosed plans to sell more than $4 billion worth of shares.

You can see more pre-market stock movers here

Today’s U.S. Earnings Spotlight: Tuesday - August 4th

Space Exploration Technologies (SPCX), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck & Co. (MRK), Arista Networks (ANET), Amgen (AMGN), McDonald’s (MCD), Gilead Sciences (GILD), Booking Holdings (BKNG), Pfizer (PFE), Duke Energy (DUK), Marathon Petroleum (MPC), Cummins (CMI), Emerson Electric Co. (EMR), Suncor Energy (SU), EOG Resources (EOG), Apollo Global Management (APO), TransDigm Group (TDG), Energy Transfer LP (ET), W.W. Grainger (GWW), MPLX LP (MPLX), AMETEK (AME), Astera Labs (ALAB), Rockwell Automation (ROK), Devon Energy (DVN), IDEXX Laboratories (IDXX), Prudential Financial (PRU), Sysco (SYY), Public Service Enterprise Group (PEG), Archer-Daniels-Midland Company (ADM), Waters (WAT), Kimberly-Clark (KMB), Coupang (CPNG), NRG Energy (NRG), Qnity Electronics (Q), Fidelity National Information Services (FIS), Expeditors International of Washington (EXPD), RB Global (RBA), International Flavors & Fragrances (IFF), Toast (TOST), Entegris (ENTG), DuPont de Nemours (DD), UL Solutions (ULS), Broadridge Financial Solutions (BR), Lattice Semiconductor (LSCC), TPG Inc. (TPG), Ball Corporation (BALL), Kimco Realty (KIM), Jacobs Solutions (J), DaVita (DVA), Healthpeak Properties (DOC), Leidos Holdings (LDOS), DigitalOcean Holdings (DOCN), Corebridge Financial (CRBG), Assurant (AIZ), Zebra Technologies (ZBRA), Equitable Holdings (EQH), Pinterest (PINS), Revvity (RVTY), Pinnacle West Capital (PNW), Aptiv (APTV), Arrowhead Pharmaceuticals (ARWR), American Financial Group (AFG), Wayfair (W), Viasat (VSAT), Essential Utilities (WTRG), Sunoco LP (SUN), Gartner (IT), Cipher Digital (CIFR), Wynn Resorts (WYNN), Henry Schein (HSIC), The Timken Company (TKR), Bruker (BRKR), Hecla Mining Company (HL), Match Group (MTCH), Voya Financial (VOYA), Kratos Defense & Security Solutions (KTOS), Paramount Skydance (PSKY), Westlake (WLK), Bio-Rad Laboratories (BIO), Crinetics Pharmaceuticals (CRNX), Compass (COMP), Janus Living (JAN), Bio-Rad Laboratories (BIO.B), The Macerich Company (MAC), Central Bancompany (CBC), Terreno Realty (TRNO), Paylocity Holding (PCTY), PACS Group (PACS), Super Group (SGHC) (SGHC), The Mosaic Company (MOS), Rhythm Pharmaceuticals (RYTM), Enpro (NPO), Everus Construction Group (ECG), Lumen Technologies (LUMN), Red Rock Resorts (RRR), Ingredion (INGR), Archrock (AROC), Fortune Brands Innovations (FBIN), Hinge Health (HNGE), Credit Acceptance (CACC), Mercury General (MCY), Dianthus Therapeutics (DNTH), GXO Logistics (GXO), Zeta Global Holdings (ZETA), Qualys (QLYS), SSR Mining (SSRM), Hamilton Lane (HLNE), Xometry (XMTR), Travere Therapeutics (TVTX), Global Business Travel Group (GBTG), ONE Gas (OGS), Celanese (CE), Tanger (SKT), Millrose Properties (MRP), Primoris Services (PRIM), Trex Company (TREX), ACADIA Pharmaceuticals (ACAD), Mattel (MAT), OPENLANE (OPLN), Champion Homes (SKY), Knife River (KNF), Par Pacific Holdings (PARR), Seaboard (SEB), Interparfums (IPAR), Opendoor Technologies (OPEN), Kadant (KAI).