Palantir jumped more than 16% in premarket trading on Tuesday after posting second-quarter earnings, extending a rally that pushed the Dow Jones Industrial Average to a record closing high a day earlier. Nasdaq-100 futures rose 0.7% in the move's wake. Amazon and Microsoft added a combined $1.04 trillion in market cap between July 29 and July 31, while Apple and Meta Platforms shed a combined $510 billion over the same span.
Palantir Technologies stock rose more than 16% in premarket trading Tuesday after the data analytics company reported second-quarter results. The move lifted Nasdaq-100 futures 0.7%. It extended a rally that carried the Dow Jones Industrial Average to a record closing high on Monday.
Chipmakers ride the earnings wave
Micron added 3% in premarket trading. Marvell jumped 7% over the same session. Dow futures rose 201 points, or 0.5%. S&P 500 futures gained 0.2% at the same time.
Megacap earnings split the market
The rally builds on a volatile earnings season for the market's biggest names. Amazon and Microsoft added a combined $1.04 trillion in market cap between July 29 and July 31. Apple and Meta Platforms shed a combined $510 billion over the same span.
Separately, on Monday, Amazon crossed a $3 trillion market capitalization for the first time, while Nvidia, Meta Platforms, Alphabet, and Microsoft also posted gains that day. AWS achieved its fastest growth in 18 quarters. Microsoft's Azure revenue topped $100 billion for the first time in a full fiscal year.
Economists point to strengthening confidence
According to Interactive Brokers senior economist Jose Torres: "Animal spirits are buoyant to begin the month." He pointed to Monday's manufacturing and services readings, alongside recent earnings calls, as factors lifting confidence in the outlook for capital returns.
SpaceX is drawing significant investor attention as it prepares to unveil its debut quarterly results as a publicly traded company after Tuesday's close, with shares up 0.8% in premarket trading.
Sources: Quartz, The Motley Fool
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