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Tech stocks were sharply higher Tuesday afternoon, with the State Street Technology Select Sector SPDR ETF (XLK) rising 4.7% and the State Street SPDR S&P Semiconductor ETF (XSD) up 5.9%.The Philadelphia Semiconductor index climbed 6.3%.In corporate news, Palantir Technologies (PLTR) lifted its full-year revenue guidance on Monday after a surge in US commercial sales drove stronger-than-expected Q2 results. Its shares jumped past 29%.
US equity indexes rose as earnings helped boost technology while a slide in crude oil and government bond yields added to confidence that Iran is nearing a deal that would reopen the Strait of Hormuz.The Nasdaq Composite jumped 2.1% to 26,458.2, with the S&P 500 up 1.5% to 7,711.4 and the Dow Jones Industrial Average higher by 1.7% to 54,078.7. The S&P 500 and the Dow touched their respective 52-week highs intraday. Technology was the standout gainer, followed by materials and industrials. Utilities and real estate led decliners.Palantir Technologies (PLTR) surged 26%, the top gainer on the S&P 500 and the Nasdaq, after Q2 sales and adjusted earnings surpassed analysts' estimates and the company, one of the most prominent names in the artificial intelligence industry, boosted its full-year 2026 revenue outlook.VanEck Semiconductor Exchange Traded Fund (SMH), with net assets of $77.2 billion, jumped 4.2%.The prospect of a US-Iran deal appeared to be gaining traction on Tuesday, after Qatar said a proposal had been drafted and US Treasury Secretary Scott Bessent sounded hopeful on an agreement to reopen the Strait of Hormuz, Bloomberg reported.US Treasury Secretary Bessent said a deal to open the Strait could come as early as "today or tomorrow," allowing "freedom of movement" for commercial vessels, Al Jazeera, a Middle Eastern broadcaster, reported.The front-month US West Texas Intermediate crude oil fell 4.5% to $76.74 a barrel, and global benchmark North Sea Brent slid 4% to $80.42 a barrel.US Treasury yields dropped, with the 10-year down 4.3 basis points to 4.64%. The two-year yield slid 5.2 basis points to 4.2%.
All three major US stock indexes were up in late-morning trading Tuesday, as investors grew more optimistic on a potential deal between the US and Iran to reopen the Strait of Hormuz.The US and Iran could reach a deal Tuesday or Wednesday to reopen the Strait of Hormuz for commercial ships, Treasury Secretary Scott Bessent said Tuesday in an interview with CNBC.In company news, Palantir Technologies (PLTR) reported Q2 adjusted earnings late Monday of $0.41 per diluted share, above the FactSet consensus estimate of $0.34. Second-quarter revenue was $1.94 billion, up from $1.00 billion a year earlier and above the FactSet consensus of $1.81 billion. For Q3, the company expects revenue of $2.160 billion to $2.164 billion, above the FactSet consensus of $2.00 billion. For full-year 2026, the company expects revenue of $8.150 billion to $8.158 billion, above its previous guidance of $7.650 billion to $7.662 billion and above the FactSet consensus of $7.725 billion. Palantir shares were up 27.2% around midday.Caterpillar (CAT) reported Q2 adjusted profit of $8.17 per share, up from $4.72 a year earlier and above the FactSet consensus of $6.22. Total Q2 sales and revenue were $20.54 billion, up from $16.57 billion a year ago and above the FactSet consensus of $19.34 billion. Caterpillar shares were up 6.5%.Anthropic has signed a $10 billion deal for computing capacity with Volta Infra, a new infrastructure startup backed by Nvidia (NVDA), Bloomberg reported Tuesday, citing people familiar with the matter. Separately, Blackstone (BX) has held early talks with investors to assess their interest in a second massive debt package to finance Anthropic's use of chips from Alphabet's (GOOG, GOOGL) Google, Bloomberg reported, citing people with knowledge of the matter. One early proposal was for at least $36 billion, but the size, structure and whether Blackstone will lead the financing remain unknown, the report said, citing the people. Nvidia shares were up 2%. Blackstone shares were up 1.5%, while Alphabet Class C and Class A shares were up 0.2% and 0.5%, respectively.Amazon.com (AMZN) founder Jeff Bezos indicated plans to sell 15 million shares of the company valued at $4.07 billion, according to a regulatory filing. Separately, Amazon was sued Tuesday by New Jersey Attorney General Jennifer Davenport, who accused the online retailer of abusing its market power over independent delivery drivers, Davenport's office confirmed to. Amazon shares were down 2.2%.McDonald's (MCD) reported Q2 non-GAAP diluted EPS Tuesday of $3.38, up from $3.19 a year earlier and above the FactSet consensus of $3.32. Total Q2 revenue was $7.10 billion, up from $6.84 billion a year ago but below the FactSet consensus of $7.13 billion. The company said Skye Anderson was appointed as president of McDonald's USA, effective Tuesday, succeeding Joe Erlinger. McDonald's shares were up 1.5%.Merck (MRK) reported a Q2 non-GAAP loss Tuesday of $0.13 per share, swinging from earnings of $2.13 per share a year earlier but narrower than the FactSet consensus of a loss of $0.27 per share. Second-quarter sales were $16.61 billion, up from $15.81 billion a year ago and above the FactSet consensus of $16.37 billion. For full-year 2026, the company expects non-GAAP EPS of $2.66 to $2.76, below its prior outlook of $5.04 to $5.16 and below the FactSet consensus of $2.79. Merck shares were down 1.1%.Price: $159.84, Change: $+34.19, Percent Change: +27.21%
Palantir Technologies' (PLTR) artificial intelligence strategy is driving its improving financial results, as evidenced by its Q2 beat, BofA Securities said in a Tuesday note.The company reported Q2 adjusted earnings of $0.41 per diluted share and revenue of $1.94 billion, up from $1.00 billion a year earlier.Palantir also raised its 2026 revenue outlook to between $8.15 billion and $8.16 billion, from $7.65 billion to $7.66 billion previously.Palantir's AI strategy focuses on partnerships and customers' results, boosting its US commercial business, the brokerage said.BofA Securities further noted the company's US commercial customer count rose 35% year over year to 653, while trailing-12-month revenue per US commercial customer increased 76% to $3.5 million in the second quarter.The company also saw increased business with the US government through its sovereign AI offerings, the brokerage added.BofA Securities raised its 2026 sales forecast for the company to $8.42 billion from $7.85 billion, citing growth in its commercial and government segments.BofA Securities reiterated its buy rating and $255 price target on Palantir Technologies.Price: $159.32, Change: $+33.67, Percent Change: +26.80%
Palantir Technologies (PLTR) has an average rating of overweight and mean price target of $194.21, according to analysts polled by FactSet.Price: $151.35, Change: $+25.70, Percent Change: +20.45%
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.3% and the actively traded Invesco QQQ Trust (QQQ) was 1.1% higher in Tuesday's premarket activity amid hopes for a re-opening of the Strait of Hormuz after US Treasury Secretary Scott Bessent told CNBC that the US and Iran could reach a deal Tuesday or Wednesday.US stock futures were also higher, with S&P 500 Index futures up 0.3%, Dow Jones Industrial Average futures advancing 1.1%, and Nasdaq futures gaining 1.1% before the start of regular trading.The US international trade deficit narrowed to $73.26 billion in June from a $77.65 billion gap in May, a slightly larger deficit than the expectations for a $73 billion gap in a survey compiled by Bloomberg as of 7:30 am ET.Factory orders and job openings data for June are due to be released at 10 am ET.In premarket activity, bitcoin was down by 0.1%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was flat, Ether ETF (EETH) retreated 0.01%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 2.2%, the iShares US Technology ETF (IYW) was 1.9% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 1.6%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 1.2%, while the iShares Semiconductor ETF (SOXX) rose by 4.4%.Palantir Technologies (PLTR) shares were up more than 15% in Tuesday's premarket activity after multiple analyst price target raises followed the company's Q2 beat.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 1.6%, while the Vanguard Industrials Index Fund (VIS) was up 0.7% and the iShares US Industrials ETF (IYJ) was 0.8% higher.Caterpillar (CAT) shares were up 11% after the company reported higher Q2 earnings and revenue.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.1%, the Vanguard Health Care Index Fund (VHT) advanced marginally by 0.02%, while the iShares US Healthcare ETF (IYH) was inactive. The iShares Biotechnology ETF (IBB) was down 0.3%.IDEXX Laboratories (IDXX) stock was up 4% premarket after the company posted higher Q2 comparable earnings and revenue.EnergyThe iShares US Energy ETF (IYE) gained 1%, while the State Street Energy Select Sector SPDR ETF (XLE) was down by 0.8%.Energy Transfer (ET) stock was up more than 4% before market open after the company reported higher Q2 earnings and revenue.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) declined by 0.2%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.4% higher.TOP Financial (TOP) shares were up 4% in early hours activity after the company said its board has approved a plan to integrate artificial intelligence into its online brokerage and financial technology platforms.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 0.4%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) retreated 0.04%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 0.4%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.4% higher.NIKE (NKE) shares were down more than 3% pre-bell after JPMorgan downgraded the company's stock to underweight from neutral and cut its price target to $40 from $47.CommoditiesFront-month US West Texas Intermediate crude oil fell by 2.8% to $78.07 per barrel on the New York Mercantile Exchange. Natural gas was down 3% at $2.70 per 1 million British Thermal Units. The United States Oil Fund (USO) decreased by 2.7%, while the United States Natural Gas Fund (UNG) was 2.3% lower.Gold futures for November advanced by 0.7% to $4,119.50 an ounce on the Comex. Silver futures gained by 2.7% to reach $59.41 an ounce. SPDR Gold Shares (GLD) was up by 0.7%, and the iShares Silver Trust (SLV) was 3% higher.
Technology stocks were rising premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.3% higher.Palantir Technologies (PLTR) stock was up more than 16% after the company raised its 2026 revenue guidance as Q2 revenue increased year over year.Spotify Technology (SPOT) shares were down more than 5% after the company reported Q2 earnings and revenue that missed analysts' expectations.On Semiconductor (ON) stock was up more than 6% after the company posted higher Q2 adjusted earnings and revenue.
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Tuesday as technology-related stocks were on the upswing, highlighted by a Q2 beat-and-raise from Palantir Technologies (PLTR).Dow Jones Industrial Average futures were 1.2% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 1.1% higher.Palantir shares were up more than 15% in pre-market activity after the company posted Q2 adjusted earnings and revenue that surpassed analysts' estimates, as well as boosting its full-year 2026 revenue outlook.President Donald Trump said late Monday that Exxon Mobil (XOM) and Chevron (CVX) had made "too much money" off higher oil prices and told them to "give some of that back to the public," multiple media outlets reported.SpaceX (SPCX) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect a loss of $0.23 per share on revenue of $6.83 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.4% at $81.77 per barrel and US West Texas Intermediate crude 3.1% lower at $77.86 per barrel.The US international trade deficit narrowed to $73.26 billion in June from revised $77.65 billion gap in May, compared with a $73.0 billion gap expected in a survey compiled by Bloomberg.June factory orders, due at 10 am ET, are expected to have gained 0.2%, compared with a decline of 1.3% previously. June job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected at 7.454 million, compared with 7.594 million in the prior month.In other world markets, Japan's Nikkei closed 0.3% higher, Hong Kong's Hang Seng ended 0.6% lower, and China's Shanghai Composite finished 0.3% higher. Meanwhile, the UK's FTSE 100 was up 0.3%, and Germany's DAX index was 0.8% higher in Europe's early afternoon session.In equities, Caterpillar (CAT) shares rose 11% after the company's Q2 adjusted profit and revenue beat analysts' consensus. Merck (MRK) stock was up 0.9% after the company posted better-than-expected Q2 results. Broadcom (AVGO) shares were 2.7% higher and Micron Technology (MU) stock was up 4.5% as part of a broader rally in technology stocks.On the losing side, HSBC (HSBC) shares fell 2% despite the company posting higher basic earnings and revenue for Q2. Prologis (PLD) stock was down 3% after the company said it reached a recommended agreement to acquire Segro in a transaction valuing the target company at about $18.8 billion.
Technology stocks were rising premarket Tuesday, with the State Street Technology Select Sector SPDR Fund (XLK) up 2.1% and the State Street SPDR S&P Semiconductor ETF (XSD) 1.1% higher.Palantir Technologies (PLTR) stock was up more than 15% after the company raised its 2026 sales guidance as Q2 revenue increased year over year.
US equity futures were higher pre-bell Tuesday as technology-related stocks were on the upswing, highlighted by a Q2 beat-and-raise from Palantir Technologies (PLTR).Dow Jones Industrial Average futures were 0.8% higher, S&P 500 futures were up 0.3%, and Nasdaq futures were 0.9% higher.Palantir shares were up more than 15% in pre-market activity after the company posted Q2 adjusted earnings and revenue that surpassed analysts' estimates, as well as boosting its full-year 2026 revenue outlook.President Donald Trump said late Monday that Exxon Mobil (XOM) and Chevron (CVX) had made "too much money" off higher oil prices and told them to "give some of that back to the public," multiple media outlets reported.SpaceX (SPCX) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect a loss of $0.23 per share on revenue of $6.83 billion.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.6% at $82.35 per barrel and US West Texas Intermediate crude 2.5% lower at $78.30 per barrel.The international trade in goods report for June, scheduled for release at 8:30 am ET, is expected to post a deficit narrowing to $73.0 billion from $77.6 billion in the prior month, according to estimates compiled by Bloomberg.June factory orders, due at 10 am ET, are expected to have gained 0.2%, compared with a decline of 1.3% previously. June job openings from the US Department of Labor's Job Openings and Labor Turnover Survey are expected at 7.454 million, compared with 7.594 million in the prior month.
Wall Street futures pointed moderately higher pre-bell Tuesday after software giant Palantir Technologies (PLTR) logged strong Q2 results and boosted guidance overnight, adding support to optimistic tech sector outlooks.Palantir traded up 14.8% pre-bell, while in the futures, the S&P 500 rose 0.2%, the Nasdaq inclined 0.8% and the Dow Jones was up 0.5%.Investors also await the Job Openings and Labor Turnover Survey report for June, aka JOLTS, at 10 am ET for clues into how US labor markets are faring under higher oil prices and Persian Gulf turmoil.Asian exchanges traded mixed and muted overnight, while European bourses tracked moderately higher midday on the continent.On the earnings scene, Caterpillar (CAT) shares traded up 8.7% pre-bell after the heavy-machinery maker reported Q2 earnings and revenue above consensus, in morning hours.SpaceX (SPCX), Advanced Micro Devices (AMD), Arista Networks (ANET) and Amgen (AMGN) plan to report after-bell.On the economic calendar, in addition to the JOLTS report, is the international trade in goods and services bulletin for June at 8:30 am ET, followed by the factory orders for June bulletin at 10 am.In premarket action, Bitcoin traded at $63,416, West Texas Intermediate crude oil traded up 1.9% at $81.88, and 10-year US Treasuries offered 4.71%. Spot gold commanded $4,050 an ounce.
Palantir Technologies (PLTR) has an average rating of overweight and mean price target of $194.21, according to analysts polled by FactSet.
Palantir Technologies (PLTR) lifted its full-year revenue guidance on Monday after a surge in US commercial sales drove stronger-than-expected second-quarter results.The company raised its 2026 revenue outlook to between $8.150 billion and $8.158 billion from $7.650 billion and $7.662 billion. Analysts expect $7.73 billion.Palantir forecasts third-quarter sales of $2.160 billion to $2.164 billion, compared with Wall Street's $2 billion estimate.Palantir's software is used by both government and commercial enterprises, including the American defense sector.Adjusted earnings for the second quarter were $0.41 per share, compared with the FactSet-polled consensus of $0.34. Consolidated revenue soared 93% to $1.94 billion, ahead of the Street's view for $1.81 billion.US revenue more than doubled year over year at $1.57 billion, with commercial sales rallying 149% to $764 million, Palantir said. US government revenue climbed 90% to $809 million.Shares of Palantir were up 12% in after-hours trading, but had fallen 29% this year through Monday close.RBC Capital Markets said last week that Palantir's valuation was unattractive, with the risk/reward balance skewed to the downside.The Middle East conflict likely buoyed Palantir's government contract values in the second quarter, but its enterprise clients were understood to be considering leaving the platform amid intense competition, RBC said in a note on July 30."While shares have come down recently, (Palantir) remains the most expensive stock across our RBC All-(Software as a Service) universe," the brokerage said. "We struggle to underwrite a scenario that justifies current valuation levels."
(Updates with latest market prices and developments.)US stocks climbed intraday as oil prices fell after President Donald Trump renewed hopes for a diplomatic breakthrough in the Middle East conflict.The Nasdaq Composite was up 2% at 25,877.1 after midday Monday, while the S&P 500 rose 1.3% to 7,586.4. The Dow Jones Industrial Average climbed 0.9% to 52,962.1. Among sectors, communication services paced the gainers, while energy led the laggards.West Texas Intermediate crude oil tumbled 5.8% to $79.77 a barrel, while Brent dropped 4.8% to $83.70.Over the weekend, Trump said negotiations with Iran would begin Monday, without revealing venue details, news outlets reported. In a social media post, Trump said that he called off a planned attack against Iran because the "perimeters of a deal has been agreed to.""Hopes of a peace deal in the Middle East weighed on crude prices," D.A. Davidson said Monday in a note.However, Iranian Foreign Ministry spokesperson Esmail Baghaei on Monday ruled out an immediate plan to negotiate with Washington, according to news reports. Tehran was in talks with Oman regarding the Strait of Hormuz, the world's most important chokepoint for crude flows, Baghaei reportedly said.Treasury yields were lower intraday, with the 10-year rate down 5.5 basis points at 4.69% and the two-year rate falling 3.1 basis points to 4.26%.In company news, Atkore (ATKR) jumped 28% intraday after the electrical products manufacturer announced a $3.8 billion deal to be acquired by Italian cable maker Prysmian.Lantheus (LNTH) will become a private company following the completion of an up to $8 billion deal with Curium. Lantheus shares were up 2.7% intraday.Integer (ITGR) agreed to be acquired and taken private by investment firm KKR (KKR) in an all-cash deal with an enterprise value of about $5.7 billion. Integer rose 2.7%, while KKR advanced 2.1%.Marriott International (MAR) shares were the worst performer on the S&P 500, down 7.1%. The hotel giant reported second-quarter revenue below Wall Street's estimates amid headwinds related to the Middle East conflict, while it provided a downbeat earnings outlook for the ongoing three-month period.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their quarterly results this week.Palantir Technologies (PLTR) is scheduled to release its latest quarterly results after markets close Monday.Spot gold fell 0.2% to $4,038.48 per troy ounce, while silver was up 0.1% at $57.83 per ounce.
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were higher pre-bell Monday as the US moved toward diplomacy in its war with Iran and oil prices fell.Dow Jones Industrial Average futures were 1.1% higher, S&P 500 futures were up 0.5%, and Nasdaq futures were 0.2% higher.President Donald Trump said in a post Sunday on Truth Social that he had cancelled an attack on Iran. "We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to," Trump said, adding that the deal would include the complete opening of the Strait of Hormuz and "an end to Iran's nuclear threat."Palantir Technologies (PLTR) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $0.34 per share on revenue of $1.81 billion.Expected to report later in the week are SpaceX (SPCX), Advanced Micro Devices (AMD), Sandisk (SNDK), Western Digital (WDC), Caterpillar (CAT), ConocoPhillips (COP), Eli Lilly (LLY), Uber Technologies (UBER), and Berkshire Hathaway (BRK.A, BRK.B).Oil prices were lower, with front-month global benchmark North Sea Brent crude down 5.6% at $82.97 per barrel and US West Texas Intermediate crude 6.7% lower at $78.97 per barrel.The final S&P Global manufacturing purchasing managers index for July, due at 9:45 am ET, is seen at 53.8, unchanged from its prior value, according to estimates compiled by Bloomberg.The July Institute for Supply Management's manufacturing index, due at 10 am ET, is projected at 53.9, up from 53.3 in the previous month. The June construction spending report is also due at 10 am ET.In other world markets, Japan's Nikkei closed 0.9% lower, Hong Kong's Hang Seng ended 0.5% higher, and China's Shanghai Composite finished 0.6% lower. Meanwhile, the UK's FTSE 100 was down 0.1%, and Germany's DAX index was 1.3% higher in Europe's early afternoon session.In equities, Alibaba (BABA) shares rose 3.6% after the company said in a social media post that it launched Qwen3.8-Max, its latest large language model, and plans to release the model's open weights next week alongside Qwen3.8-27B. Boeing (BA) stock was up 1.9% after the company said it delivered Somon Air's first 737 Max aircraft. BNP Paribas also upgraded Boeing's stock rating to outperform from underperform.Bristol Myers Squibb (BMY) shares were up 4.2% after a Financial Times report that the company was in talks with Astrazeneca (AZN) about a potential combination that would create a pharmaceutical company valued at nearly $400 billion. On the other hand, Astrazeneca stock was down 6.2%.On the losing side, BP (BP) shares fell 3.2% after the company completed the divestment of its Gelsenkirchen complex to independent refiner Klesch Group. Marriott International (MAR) stock was down 3.8% after the company reported lower-than-expected Q2 revenue and issued guidance for Q3 adjusted EPS that fell short of analysts' consensus.
US equity futures were higher pre-bell Monday as the US moved toward diplomacy in its war with Iran and oil prices fell.Dow Jones Industrial Average futures were 1.1% higher, S&P 500 futures were up 0.6%, and Nasdaq futures were 0.3% higher.President Donald Trump said in a post Sunday on Truth Social that he had cancelled an attack on Iran. "We have just been asked by Iran, and other Middle Eastern Countries, to hold off any attack in that the perimeters of a deal has been agreed to," Trump said, adding that the deal would include the complete opening of the Strait of Hormuz and "an end to Iran's nuclear threat."Palantir Technologies (PLTR) is expected to report its Q2 earnings after the market closes. Analysts polled by FactSet expect earnings of $0.34 per share on revenue of $1.81 billion.Expected to report later in the week are SpaceX (SPCX), Advanced Micro Devices (AMD), Sandisk (SNDK), Western Digital (WDC), Caterpillar (CAT), ConocoPhillips (COP), Eli Lilly (LLY), Uber Technologies (UBER), and Berkshire Hathaway (BRK.A, BRK.B).Oil prices were lower, with front-month global benchmark North Sea Brent crude down 5.2% at $83.35 per barrel and US West Texas Intermediate crude 6.2% lower at $79.45 per barrel.The final S&P Global manufacturing purchasing managers index for July, due at 9:45 am ET, is seen at 53.8, unchanged from its prior value, according to estimates compiled by Bloomberg.The July Institute for Supply Management's manufacturing index, due at 10 am ET, is projected at 53.9, up from 53.3 in the previous month. The June construction spending report is also due at 10 am ET.
The benchmark US stock measures were pointing higher before the opening bell Monday as President Donald Trump said he called off a planned attack on Iran, while traders await fresh labor market data and more corporate earnings later in the week.The S&P 500 rose 0.5%, the Dow Jones Industrial Average increased 0.6% and the Nasdaq added 0.4% in premarket activity. All three main indexes finished Friday trading in the green.In a social media post over the weekend, Trump said he canceled a planned attack against Iran after being asked by Tehran and other Middle Eastern countries to hold off because the "perimeters of a deal has been agreed to." The proposed deal would include the "immediate, complete, and total opening" of the Strait of Hormuz, Trump wrote."I have agreed, for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a deal," Trump said. Media reports last week said Trump was preparing for a fresh round of strikes against Tehran.West Texas Intermediate crude oil dropped 5.8% to $79.77 a barrel before the open, while Brent fell 4.7% to $83.82.On Sunday, seven members of the Organization of the Petroleum Exporting Countries and its allies, or OPEC+, said they agreed to raise combined oil production by 188,000 barrels per day next month.Fresh labor market data is scheduled to be released later this week, beginning with the Job Openings and Labor Turnover Survey for June on Tuesday. Last month's ADP employment and Challenger Job Cut reports are due on Wednesday and Thursday, respectively. The government's nonfarm payrolls data for July is out on Friday.Treasury yields were trending lower in premarket action, with the two-year rate retreating 4.7 basis points to 4.24% and the 10-year rate declining 6.1 basis points to 4.68%.Monday's economic calendar has the final Purchasing Managers' manufacturing index for July at 9:45 am ET, followed by the Institute for Supply Management's manufacturing index for the same month at 10 am.Major companies including SpaceX (SPCX), Eli Lilly (LLY), Advanced Micro Devices (AMD), Caterpillar (CAT), Merck (MRK), McDonald's (MCD), Walt Disney (DIS), Shopify (SHOP) and Uber Technologies (UBER) are slated to release their latest quarterly results this week.Palantir Technologies (PLTR), Williams (WMB) and Snap (SNAP) post their earnings after the markets close Monday, while Marriott International (MAR), EchoStar (ECHO) and Tyson Foods (TSN) are expected to announce their financial statements before the bell, among others.AstraZeneca's (AZN) US-listed shares slipped 5.1% pre-bell following media speculation that the company is in talks with Bristol Myers Squibb (BMY) about a potential combination that would create a pharmaceutical company valued at nearly $400 billion. Bristol Myers' stock gained 6.4%.Atkore (ATKR) jumped 27% early Monday after the electrical products manufacturer agreed to be acquired by Italian cable maker Prysmian in an all-cash deal with an enterprise value of about $3.8 billion.Gold inched 0.1% higher to $4,109 per troy ounce, while bitcoin was down 1.2% at $62,596.
US equity investors are expected to focus on earnings, labor market data, and messaging from top Federal Reserve officials this week while keeping an eye on crude oil prices amid geopolitical developments in the Middle East.* Palantir Technologies (PLTR), Space Exploration Technologies (SPCX), Advanced Micro Devices (AMD), SanDisk (SNDK), and Take-Two Interactive Software (TTWO) are among the companies reporting their quarterly results next week. The so-called AI trade got a boost last week after Microsoft (MSFT) and Amazon.com (AMZN) showed blowout sales growth in artificial intelligence-related products and services.* Economic data this week includes non-farm payrolls, job openings, Challenger job cuts, jobless claims, and the labor turnover survey, and ISM manufacturing and services purchasing managers' indexes.* Fedspeak resumes after the quiet period last week ahead of the central bank's July 28-29 policy meeting, with Fed Governor Lisa Cook and San Francisco Fed President Mary Daly both speaking on Wednesday, according to a note from Yardeni Research.* "They were not among the three hawkish dissenters at last week's FOMC meeting," Ed Yardeni, president of Yardeni Research, said, referring to the Fed's policy decision to stay on hold for the fifth consecutive meeting. "So it will be interesting to see which way they lean. That might give the financial markets some forward guidance, which Fed Chair Kevin Warsh refuses to do!"* President Donald Trump said a deal with Iran is imminent, with talks set to begin Monday, Al Jazeera, a Middle Eastern broadcaster, reported early Monday. Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Tehran is not currently holding talks with the US, and added the new Hormuz maritime route is being discussed with Oman, the news report said.* The front-month US West Texas Intermediate crude oil sank 5.8% to $79.76 a barrel early Monday, helping push the US 10-year Treasury yield lower by 5.3 basis points to 4.69%.
The Standard & Poor's 500 index rose 1.1% this week as hyperscalers showed the mega spend on the artificial intelligence buildout is being monetized.The market benchmark ended the week at 7,489.72. The index is now down 0.1% quarter-to-date but up 9.4% year-to-date.Microsoft (MSFT) and Amazon.com (AMZN) rose this week as quarterly results from the tech giants showed revenue growth in areas related to AI products and services, helping calm worries surrounding hundreds of billions of dollars of investments earmarked for the AI buildout.Microsoft reported triple-digit AI annual recurring revenue growth and an accelerating Azure trajectory into the end of 2026, Dan Ives, global head of technology at Wedbush Securities, said in a note to clients. The software behemoth's quarterly results, which included Azure's full-year revenue surpassing $100 billion for the first time, reinforced the idea that "any knee-jerk reactions to the elevated capex framework represent strong buying opportunities," Ives said.Shares of Microsoft were up 22% this week.The consumer discretionary sector in the S&P 500 had the largest percentage gain of the week, up 8.3%, followed by a 5.4% advance in communication services and a 1.2% rise in consumer staples.Sales at Amazon's cloud computing unit delivered the fastest growth in 18 quarters, helping the e-commerce giant exceed market expectations for Q2 earnings and revenue. Shares jumped 17% this week even as the e-commerce behemoth expanded its capital expenditure by about $20 billion to $220 billion.A consortium of banks led by Morgan Stanley (MS) is in talks to lend $15 billion to a data-center developer to build a campus and power plant for Anthropic in Texas, The Wall Street Journal reported Thursday, citing people familiar with the matter. Alphabet's (GOOG, GOOGL) Google would provide financial guarantees and chips for the project. Shares of Alphabet are up 12% this week.The three worst-performing S&P 500 sectors this week were utilities, real estate and materials, down 4.2%, 2.2%, and 1.7%, respectively.C.H. Robinson Worldwide (CHRW) said a jury in Texas issued a $604 million advisory verdict against the firm and two other defendants in a lawsuit stemming from a trucking accident involving an independent motor carrier. Shares declined 21% this week.Edison International (EIX) said Thursday that Southern California Edison believes it is likely its equipment was associated with the ignition of the 2025 Eaton Fire, according to a Thursday quarterly filing. Southern California Edison recorded $1.6 billion in settlement-related losses and said it expects to incur additional material losses related to the fire, per the filing. Shares of Edison slumped 8% this week.Palantir Technologies (PLTR), Space Exploration Technologies (SPCX), Advanced Micro Devices (AMD), Caterpillar (CAT), Walt Disney (DIS), SanDisk (SNDK), Uber Technologies (UBER) and Take-Two Interactive Software (TTWO) are among the companies reporting their quarterly results next week.Economic data due next week includes non-farm payrolls, job openings and labor turnover survey, and ISM manufacturing and services purchasing managers' indexes.
Palantir Technologies (PLTR) valuation remains unattractive amid concerns around the durability of commercial momentum as channel checks indicate clients are rethinking their relationships with the company, RBC Capital Markets said in a research report emailed Friday.Among the primary concerns is the long-term growth algorithm, which is consistent with RBC's top issue regarding the sustainability of growth amid stiff competition, according to the note. The company will report Q2 results on Aug. 3.Trends imply a surge in qualified contract value and annual contract value during Q2, following declines in recent quarters, which is not surprising, given the Middle East geopolitical instability, analysts wrote.The brokerage said it reiterated its underperform rating on the stock and price target of $90 per share.Price: $120.48, Change: $-1.79, Percent Change: -1.46%
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