ON Semiconductor also climbed after a strong outlook, while investors watched upcoming U.S. earnings, labor data and Middle East tensions for clues on growth and interest rates.
U.S. stock futures edged higher before the bell on Aug. 4, led by a 0.45% gain in Nasdaq 100 E-minis, as upbeat forecasts from Palantir Technologies and ON Semiconductor reinforced confidence that artificial intelligence spending is still supporting corporate results. Palantir surged 17.2% in premarket trading after lifting its annual revenue forecast again, while ON Semiconductor rose 7.5% after projecting quarterly revenue above expectations on demand for power management chips used in AI data centers. The moves added to optimism after strong recent results from Microsoft and Amazon and helped keep the S&P 500 near a record high and the Dow at fresh highs. At 05:16 a.m. ET, Dow E-minis were up 34 points, or 0.06%, S&P 500 E-minis gained 5 points, or 0.07%, and Nasdaq 100 E-minis added 129.25 points, or 0.45%. Micron, Nvidia and Marvell also advanced, while Snap jumped 8.1% after beating second-quarter revenue estimates. Investors were also preparing for earnings from Merck, Pfizer, Caterpillar, Marathon Petroleum and McDonald's, as well as SpaceX's first earnings report since its public debut. Later in the day, markets were set to watch the Labor Department's Job Openings and Labor Turnover Survey, or JOLTS (monthly U.S. hiring report), factory orders, trade data and remarks from Kansas City Fed President Jeffrey Schmid. Traders were also weighing the U.S.-Iran standoff and its effect on crude prices, with the CME FeWatch Tool showing a 63.4% chance the Federal Reserve would raise rates by at least 25 basis points next month.