US stock futures climbed on Tuesday, with Dow futures up 342 points, as Palantir's robust earnings reignited optimism around artificial intelligence spending and extended Wall Street's recent rebound. Nasdaq 100 contracts gained 0.76%, while S&P 500 futures added 0.19%, putting the benchmark within striking distance of a record high.
Palantir's AI surge lifts market sentiment
Palantir shares jumped 17.2% in pre-market trading after the company reported second-quarter revenue of $1.94 billion, a 93% year-over-year increase. US commercial sales surged 149% to $764 million, and the firm raised its full-year revenue guidance to between $8.15 billion and $8.158 billion, signaling sustained demand for its AI software from both government and corporate clients.
The positive read-through extended across the semiconductor and software sectors. ON Semiconductor rose 7.5% after forecasting quarterly revenue above expectations, while Micron gained 2.3%, Marvell advanced 4.4%, and Nvidia added 0.7%. Investors are increasingly rewarding companies that demonstrate tangible revenue from AI investments rather than just promises of future adoption.
Labor data and other economic releases on tap
The June Job Openings and Labor Turnover Survey (JOLTS) is due at 10:00 am ET, with economists expecting vacancies to ease to about 7.4 million from 7.6 million in May. This report offers the clearest scheduled reading on labor demand ahead of Friday's employment report. June trade data will be released at 8:30 am ET, followed by the Census Bureau's full report on manufacturers' orders at 10:00 am.
A sharp decline in job openings could bolster bonds and growth stocks, while a resilient number might reinforce the case for restrictive monetary policy. Futures markets currently price a 63.4% chance of at least a quarter-point rate increase next month.
AMD earnings to test chip rally's sustainability
AMD is set to report after Tuesday's close, with its conference call scheduled for 5:00 pm ET. The company previously guided for second-quarter revenue of approximately $11.2 billion, plus or minus $300 million, implying roughly 46% year-on-year growth. Adjusted gross margin was forecast at about 56%.
Investors will focus on EPYC server processors, Instinct accelerators, and the timeline for next-generation AI systems. The bar is high after Palantir and ON Semiconductor strengthened the demand narrative. A strong data-center outlook could broaden the semiconductor recovery, while weaker margins or cautious deployment timing would expose how quickly optimism has returned.
SpaceX's first public earnings report
SpaceX will post its second-quarter financial and operating results after the close and hold an audio webcast at 4:30 pm ET. This marks the company's first earnings report since its public debut. Investors will look for evidence that Starlink can finance spending on Starship, satellite expansion, and other capital-intensive projects.
The market will also seek clearer detail on revenue, costs, cash generation, and investment. That scrutiny could make SpaceX a wider sentiment driver for speculative growth shares.
Oil rebounds amid Iran uncertainty
Oil prices recovered after Monday's steep fall as investors questioned whether the US and Iran were genuinely moving toward negotiations. Brent rose 1.2% to $84.81 a barrel, while WTI gained 0.4% to $80.64. Iran has denied that direct talks with Washington are taking place, and shipping through the Strait of Hormuz remains constrained. A vessel also reported being hit by an unknown projectile near Oman.
ANZ analysts see Gulf export disruption as unresolved, while Goldman Sachs expects Brent to stay between $80 and $90 until there is either a credible agreement or a significant escalation. For more on related market moves, see Dow's recent surge on oil slide and Nvidia's AI-driven gains.
As the trading day unfolds, investors will weigh these mixed signals. The combination of strong AI earnings, labor market data, and geopolitical developments will likely dictate market direction in the near term.
This article is for informational purposes only and does not constitute financial advice.
