Nasdaq Futures Climb as Tech Rally Continues on Palantir Boost, U.S. JOLTS Report and SpaceX Earnings on Tap
U.S. economic releases showed the ISM manufacturing index rose to 55.6 in July and the S&P Global PMI was revised to 53.9, while construction spending fell 0.1% m/m. Nasdaq futures rose as tech stocks gained on Palantir’s results and guidance. Investors also awaited JOLTS, factory orders, and SpaceX earnings, with rate futures pricing a 63.6% chance of a 25 bp hike in September.
How this was made
The 30-second read
Why it matters
Palantir and ON Semiconductor provide concrete, same-day catalysts that can drive index-level momentum and sector rotation. The imminent JOLTS and factory orders releases add macro sensitivity, while SpaceX’s after-hours print is a major event risk for AI-related sentiment.
Market read
Traders get actionable, near-term catalysts from Palantir and ON Semiconductor plus an after-hours earnings risk window for SpaceX, all against a macro backdrop of stronger manufacturing and Fed easing-inflation commentary.
What to watch
The article highlights rate-hike probabilities and upcoming JOLTS and factory orders; macro surprises could overwhelm single-stock earnings momentum, especially for high-beta tech.
Background
The article frames a tech-led U.S. futures rise alongside stronger manufacturing data, Fed commentary leaning toward easing inflation, and an active earnings calendar including Palantir’s already-reported results and SpaceX’s first public-company earnings.
Ticker impact
Palantir beat Q2 expectations and raised full-year revenue and income forecasts, driving a more than 16% pre-market jump.
Likely continued volatility and upside bias at the open, with risk of profit-taking if guidance details disappoint.
The article attributes a large same-day pre-market move directly to earnings beat plus raised full-year forecasts, which typically sustains early-session repricing.
SpaceX is set to report earnings after the bell for the first time since becoming public, with focus on its AI business and capex.
High volatility expected around the after-hours print and any CEO Elon Musk commentary.
The article flags the earnings release as imminent and specifies the key investor focus areas, but it provides no results yet.
AMD’s Q2 results are due today, and investors will closely watch the report as part of the broader tech earnings catalyst.
Moderate-to-high volatility around the release, with direction dependent on guidance versus expectations.
The article does not provide AMD’s actual results or guidance numbers, only that the report is anticipated.
Caterpillar is among the major companies reporting today, which can influence industrial cyclicals sentiment during the broader market rally.
Limited single-name edge from this article alone; any move would be driven by the actual print.
CAT is listed as an anticipated reporter without disclosed new CAT facts.
McDonald’s is scheduled to report today, contributing to the day’s earnings-driven risk appetite.
Unclear from this text; direction depends on the earnings release details not provided here.
The article only lists MCD as an expected reporter.
Arista Networks is expected to report today, making it part of the AI networking earnings catalyst referenced in the market wrap.
Potential volatility around the print, but not inferable from the provided text.
ANET is named as a reporter without any new guidance or results.
ON Semiconductor climbed more than 7% in pre-market after better-than-expected Q2 results, solid Q3 guidance, and AI data center revenue expected to more than double in 2026.
Higher probability of follow-through strength early, with risk of reversal if the market focuses on margins or capex sensitivity.
The article provides specific pre-market move magnitude and ties it to beat plus explicit 2026 AI data-center revenue growth.
Marvell Technology was up over 8% in pre-market as chip and AI infrastructure stocks rallied on Palantir and ON Semiconductor results.
Likely to remain bid intraday if the AI/semis tape stays strong, but catalyst is indirect.
The move is attributed to broader sector reaction rather than MRVL’s own disclosed news.
Market effects
Tech and AI infrastructure sentiment is being reinforced by Palantir’s raised guidance and ON Semiconductor’s AI data-center revenue outlook, supporting semis and networking breadth.
Europe and Asia are described as green, with tech/semis strength and earnings optimism contributing to broader risk appetite.
The piece ties market direction to U.S. macro prints, Fed commentary, and a major after-hours earnings event (SpaceX), which can spill into global growth and AI trade positioning.
Counterpoint
The rally may be more about earnings momentum and positioning than durable fundamentals, so upside could fade quickly if investors focus on valuation or capex intensity rather than growth.
Key entities
- companyPalantir Technologies
Beat Q2 and raised full-year revenue and income forecasts, triggering a large pre-market move.
- companyON Semiconductor
Beat Q2, issued solid Q3 guidance, and guided AI data center revenue to more than double in 2026.
- companySpaceX
Scheduled to report earnings after the bell for the first time since becoming public, with focus on AI business and capex.
- companyAdvanced Micro Devices
Q2 results due today, with investors watching for signals on AI/data-center demand.
- macroU.S. JOLTS
Job openings data expected shortly, which can shift rate expectations and risk appetite.
