Dow futures jump 400 points after strong Caterpillar and Palantir earnings, S&P 500 to make run at record: Live updates

Stock market futures surged on Tuesday after robust quarterly earnings from industry giants Caterpillar and Palantir Technologies. The Nasdaq-100 index experienced a significant jump, climbing by approximately 1%, with Palantir Technologies shares soaring more than 15% in premarket trading following an impressive second-quarter report. Other technology companies, including Micron and Marvell, also followed Palantir's lead, with gains of 3% and 7% respectively.

The Dow Jones Industrial Average futures climbed by 454 points, or 0.8%, driven primarily by a 9% increase in Caterpillar shares. This surge came after the industrial conglomerate reported better-than-anticipated second-quarter numbers. The S&P 500 futures also gained 0.2%, indicating a strong overall performance across major stock averages.

Investors are keeping a close eye on SpaceX, which is scheduled to report its first quarterly earnings as a public company later that day. The company's stock price had already risen by 0.8% ahead of the market open. Earlier in the week, major stock averages had already closed at record highs, propelled by Amazon surpassing the $3 trillion market cap milestone for the first time, along with substantial gains in Nvidia, Meta Platforms, and Alphabet.

Oil prices saw a rise on Tuesday, with West Texas Intermediate futures increasing by 1.8% to $81.82 per barrel, while Brent crude, the international benchmark, advanced by 2.3% to $85.74 per barrel. Key economic data slated for release includes June factory orders and international trade figures.

In Europe, the Stoxx 600 index saw a modest gain of 0.46% in early trading, with the Italian FTSE MIB leading the advance at 1.1%. Germany's DAX and the UK's FTSE 100 also made gains, while France's CAC 40 experienced a slight decline. Asia saw positive movement as well, with South Korea's Kospi up 1.62% and Japan's Nikkei 225 rising 0.32%. China's CSI 300 and Hong Kong's Hang Seng also gained, with the Hang Seng closing at 20,189.30.