S&P 500 futures are little changed after massive rally lifts index to fresh record: Live updates
Stocks rallied on Tuesday as the S&P 500 and the Dow Industrials closed at new records.
On Tuesday evening, the S&P 500 futures remained largely unchanged while the second day of a significant rally across major indices pushed the index to a new record high. Dow futures surged by 90 points, or 0.2%, while Nasdaq-100 futures declined by 0.2%. In Asia, South Korea's Kospi led gains with a rise of over 4%, and the small-cap Kosdaq advanced by 1.6%.
Japan's Nikkei 225 increased by 1.83%, and the Topix added 0.9%. Australia's benchmark S&P/ASX 200 lifted by 0.46%. In the U.S. after-hours trading, SpaceX witnessed a substantial drop of almost 7% due to a surge in capital expenditures to $18.4 billion in the second quarter. AMD also experienced an 8% decline after reporting adjusted earnings that were slightly above the Street's estimates.
The market's surge on Tuesday was fueled by robust earnings and remarks from Treasury Secretary Scott Bessent indicating a potential U.S.-Iran deal to reopen the Strait of Hormuz, which calmed concerns over geopolitical tensions and supported lower energy prices. West Texas Intermediate crude futures decreased by 5.7%, settling at $75.77 per barrel.
Additionally, companies such as Caterpillar, which reported an impressive second quarter due to an ongoing AI buildout, and Palantir Technologies, whose CEO Alex Karp described earnings as "otherworldly," contributed to the equity rally. Shares of AMD fell by 8% after reporting earnings slightly ahead of estimates. Analysts noted that the only factor driving earnings higher was the return on investment, and the earnings weren't in a bubble.
Disney's earnings report, along with those of Uber and Eli Lilly, is scheduled for release on Wednesday morning. Traders will also be monitoring ADP's private payrolls report for July and the S&P Global Services PMI and ISM non-manufacturing readings for July. Asia-Pacific markets experienced a positive trend on Tuesday, with South Korean equities leading the gains, followed by Japan's Nikkei 225 and Australia's S&P/ASX 200.
Written by urgent.news from CNBC World's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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