U.S. stock futures pointed higher Tuesday, extending a rally that drove the Dow Jones Industrial Average to a record closing high on Monday.
Palantir Technologies stock led premarket gains, rising more than 16% after the data analytics company posted results for the second quarter
Nasdaq-100 futures were up 0.7% in the wake of Palantir’s move. Micron tacked on 3% and Marvell jumped 7%. Dow futures added 201 points, or 0.5%, while S&P 500 futures were 0.2% higher.
Caterpillar stock was up 6% before the open after the heavy machinery company’s second-quarter earnings beat Wall Street estimates, according to CNBC. Monday’s broad rally carried Amazon past a $3 trillion market capitalization for the first time, while Nvidia, Meta Platforms, Alphabet, and Microsoft also posted solid gains. “Animal spirits are buoyant to begin the month,” said Jose Torres, senior economist at Interactive Brokers, pointing to Monday’s manufacturing and services readings alongside recent earnings calls as factors lifting confidence about the outlook for capital returns. Crude prices climbed Tuesday, with WTI futures settling 1.8% higher at $81.82 a barrel and Brent crude, the global benchmark, advancing 2.3% to $85.74.