US stock futures rose on Tuesday, August 4 as tech and chip shares advanced, after a jump in the major indexes in the previous session and strong corporate earnings.
According to latest market data, rally in US stock futures was led by Dow Jones, rising 1.3%, Nasdaq-100 futures and S&P futures were up around 0.82% and 0.19% respectively.
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The gains come after Palantir Technologies surged more than 16% in premarket trading after solid results for the second quarter. Meanwhile, American construction company Caterpillar advanced 6% after it reported better-than-expected quarterly earnings.
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Chip stocks such as AMD advanced 4.92%, while Micron and Nvidia rose 4.48% and1.42% respectively. Intel shares jumped 4.92% in premarket trading, Sandisk and SK Hynix rose 5.24% and 3.77%.
Additonally, investors are focused on Elon Musk-led SpaceX, which is scheduled to declare its first quarterly earnings as a publically listed company later in the day. The space exploration company shares traded 1.95% higher during pre-market session.
On Monday, major stock indices gained as the Dow closed at a record high, after Amazon topped $3 trillion in market cap for the first time, while Nvidia and Meta Platforms shares advanced. Google parent Alphabet and Microsoft also rose during the session.
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