Dow futures surge 342 points: 5 things to know before Wall Street opens

US stock futures rose on Tuesday as Palantir’s blowout results revived confidence in artificial-intelligence spending and kept Wall Street’s rebound intact.

At 7:00 am ET, Nasdaq 100 contracts gained 0.76%, while S&P 500 futures added 0.19% and Dow futures edged 342 points higher.

Palantir surged 17.2% before the bell, lifting chip and software shares as the S&P 500 moved within reach of a record.

The optimism faces several tests, however, including US labour and factory data, AMD’s earnings, SpaceX’s first public quarterly report and renewed oil volatility as hopes for a diplomatic breakthrough with Iran remained uncertain later in session.

5 things to know before market opens

1. Palantir gives the AI trade a fresh revenue signal

Palantir’s second-quarter revenue rose 93% from a year earlier to $1.94 billion, while US commercial sales jumped 149% to $764 million.

The company raised its full-year revenue forecast to between $8.15 billion and $8.158 billion, signalling that government and corporate demand for its AI software remains strong.

The beat matters beyond one stock. ON Semiconductor climbed 7.5% after forecasting quarterly revenue above expectations, while Micron gained 2.3%, Marvell rose 4.4% and Nvidia added 0.7%.

Investors are again rewarding companies that can connect AI spending with visible revenue rather than broad promises about future adoption.

2. JOLTS will test the market’s softer-rate hopes

The June Job Openings and Labor Turnover Survey is due at 10 am ET and is expected to show vacancies easing to about 7.4 million from 7.6 million in May.

The release will offer the clearest scheduled reading on labour demand before Friday’s employment report.

June trade data arrive at 8:30 am ET, followed by the Census Bureau’s full report on manufacturers’ orders at 10 am.

A sharp fall in vacancies could support bonds and growth stocks.

A resilient number would strengthen the case for restrictive policy, with futures pricing a 63.4% chance of at least a quarter-point increase next month.

3. AMD must prove the chip rebound has earnings support

AMD reports after Tuesday’s close, with its conference call scheduled for 5 pm ET. The company previously guided for second-quarter revenue of about $11.2 billion, plus or minus $300 million.

The midpoint implies roughly 46% year-on-year growth, while adjusted gross margin was forecast at about 56%.

Investors will focus on EPYC server processors, Instinct accelerators and the timetable for next-generation AI systems.

The bar is high after Palantir and ON Semiconductor strengthened the demand narrative.

A strong data-centre outlook could broaden the semiconductor recovery, while weaker margins or cautious deployment timing would expose how quickly optimism has returned.

4. SpaceX faces its first public-market credibility test

SpaceX will post second-quarter financial and operating results after the close and hold an audio webcast at 4:30 pm ET. It will be the company’s first earnings report since its public debut.

Investors will look for evidence that Starlink can finance spending on Starship, satellite expansion and other capital-intensive projects.

The market will also want clearer detail on revenue, costs, cash generation and investment. That scrutiny could make SpaceX a wider sentiment driver for speculative growth shares.

5. Oil rebounds as the Iran peace story remains disputed

Oil recovered after Monday’s steep fall as investors questioned whether the US and Iran were genuinely moving towards negotiations.

Brent rose 1.2% to $84.81 a barrel by 0800 GMT, while WTI gained 0.4% to $80.64.

Iran has denied that direct talks with Washington are taking place, while shipping through the Strait of Hormuz remains constrained.

A vessel also reported being hit by an unknown projectile near Oman.

ANZ analysts see Gulf export disruption as unresolved, while Goldman Sachs expects Brent to stay between $80 and $90 until there is either a credible agreement or a significant escalation.

Another sustained oil rise could revive inflation fears, lift Treasury yields and challenge technology valuations.

Palantir has restored momentum; AMD, labour data and Middle East headlines will determine whether it lasts.