Futures in stocks indicated an optimistic start on Tuesday after the Dow Jones Industrial Average hit a fresh close on Monday, with shares in technology firms like Palantir seeing gains, while oil prices continued to fall.
Futures in Nasdaq 100, Dow, and S&P 500 indexes gained 1.2%, 1.1%, and 0.4%, respectively.
In yesterday’s market, the technology-oriented Nasdaq Composite index, S&P 500 benchmark, and Dow climbed 2.1%, 1.5%, and 1.3% for the first August trade session. The Dow jumped by more than 700 points to break its fresh close of 53055.91 hit on July 6.
On the day after markets closed, Palantir Technologies Inc (PLTR) announced strong results and raised guidance, sending its stock up 15% ahead of the opening bell on Tuesday.
Other stocks that reacted positively to earnings include Caterpillar Inc (CAT), which jumped 9%, McDonald’s Corp (MCD) increased by 2%, while Pfizer Inc (PFE) and Merck & Co Inc (MRK) gained 1% each. Today after market close, SpaceX (SPCX) and AMD (Advanced Micro Devices, Inc) are expected to release their results.
Mega-cap tech stock shares of the Magnificent Seven showed mainly weak pre-market action amid an advance for all except for Apple Inc. (AAPL) yesterday. Meta Platforms Inc. (META), Amazon Inc. (AMZN), Google parent company Alphabet Inc. (GOOGL) and Microsoft Corporation (MSFT) were all down by at least 1% pre-market after posting gains of between 4.5% and 6% yesterday.
Oil prices weakened further after a comment made by U.S. President Donald Trump that he was not ready to attack Iran. According to CNBC Tuesday, the oil prices weakened further following a comment by the U.S. Treasury Secretary Scott Bessent on CNBC that “the two nations may have a deal today or tomorrow to open the Strait [of Hormuz] and move towards a more normalized position in this conflict.” The U.S. West Texas Intermediate futures dropped 3.9% to $77.25 a barrel, and the international benchmark Brent crude futures shed 3.2% to $81.15 a barrel.
Yield on the 10-year Treasury note, which affects the interest rate of consumer loans such as mortgages, stood under 4.67%, falling by one basis point from the closing price of the previous day. It reached its peak level for the year so far on Friday.
The dollar index, which is a gauge of the strength of the dollar relative to a basket of other currencies, was up at 99.93. The dollar was up 0.3% against the yen after falling on Thursday due to U.S. and Japanese intervention to bolster the latter after touching a record low against the greenback.
Bitcoin was at $63,800, virtually unchanged from the previous day. Gold futures were up 0.9% to $4,130 an ounce.
