Nasdaq futures indicated a robust opening on Tuesday, following the Dow Jones Industrial Average’s achievement of a new closing record. Palantir’s performance propelled technology shares upward, while oil prices continued their decline. Futures for the Dow, Nasdaq 100, and S&P 500 experienced increases of 1.2%, 1.1%, and 0.3%, respectively, in the latest trading session. Yesterday, the tech-focused Nasdaq Composite, benchmark S&P 500, and blue-chip Dow concluded the initial trading session of August with respective gains of 2.1%, 1.5%, and 1.3%. The Dow added nearly 700 points, surpassing its record close of 53055.91 set on July 6. After markets closed yesterday, Palantir reported better-than-expected results and lifted its outlook, and shares of the software maker soared 16% before the bell Tuesday.
In other post-earnings movements, shares of Dow component Caterpillar surged 11%; McDonald’s, Pfizer, and Merck increased by up to 1%; while Spotify Technology experienced a decline of 6%. After markets close today, SpaceX is set to report results as a public company for the first time, and Advanced Micro Devices is also slated to issue earnings. Shares of the Magnificent Seven mega-cap tech firms indicated a predominantly downward trajectory before the market opened, following a day where all but Apple finished in positive territory. Meta Platforms, Amazon, Alphabet and Microsoft all were down at least 1.5% premarket after surging 4.5% to 6% Monday.
Oil prices, which declined yesterday following remarks from President Donald Trump regarding a delay in military action against Iran, experienced further drops after U.S. Treasury Secretary Scott Bessent indicated that the nations “may have a deal today or tomorrow to open the Strait [of Hormuz] and move towards a more normalized position in this conflict.” U.S. benchmark West Texas Intermediate futures fell by 3.9% to $77.25 a barrel, whereas global benchmark Brent crude futures decreased by 3.2% to $81.15. The 10-year Treasury yield, a key determinant of interest rates across a spectrum of consumer loans such as mortgages, registered below 4.67%, reflecting a decline of one basis point from the previous day’s close.
On Friday, it reached its peak level since January 2025. The U.S. dollar index, which monitors the value of the greenback relative to a collection of foreign currencies, increased slightly to 99.93. The dollar advanced 0.3% against the yen after declining yesterday following the U.S. and Japan’s coordinated intervention to support the latter after it hit a 40-year low against the greenback. Bitcoin was trading around 63,800, little changed over the past 24 hours. Gold futures increased by 0.9%, reaching a price of $4,130 per ounce.