S&P 500 and Nasdaq Set to Open Higher Amid Earnings Rush

• Palantir Technologies surged 10.4% on strong quarterly sales driven by U.S. defense spending and military-grade AI tools, while AMD and Super Micro Computer gained over 2% ahead of their earnings reports
• Investors are scrutinizing companies for returns on soaring AI-related capital expenditure, particularly spending on data centers and infrastructure, as 'Magnificent Seven' tech stocks prepare to report results
• January employment report due Friday has been delayed due to a partial federal shutdown that began Saturday after Congress failed to approve funding, with the JOLTS report also postponed

Market Summary

Market Overview:

U.S. stock futures pointed to a positive open on Tuesday, February 3, 2026, with S&P 500 futures up 0.18% and Nasdaq futures gaining 0.48%, while Dow futures remained flat (-0.01%). Markets steadied after Monday's session that saw both the S&P 500 and Dow close near record levels.

Key Developments:

Approximately one-quarter of S&P 500 companies are scheduled to report earnings this week. Analysts now expect S&P 500 Q4 earnings growth of nearly 11%, up from 9% projected at the start of January, according to LSEG data.

Company Highlights:

• Palantir Technologies surged 10.4% after strong quarterly results driven by U.S. defense spending and military-grade AI tools
• Alphabet rose 1.5% following a record high, set to report earnings later this week
• Amazon gained 0.8%, also reporting this week
• AMD and Super Micro Computer advanced over 2% ahead of post-close earnings
• Pfizer slipped 1% and Merck declined 0.3% after reporting

Market Context:

Investor focus remains on returns from massive AI infrastructure spending, including data centers. Consumer-facing companies like Chipotle, Mondelez, and Clorox will provide insights into consumer trends after January confidence fell to an 11.5-year low.

Economic Data:

Key employment reports face delays due to a partial federal government shutdown that began Saturday after Congress failed to approve funding. The January jobs report (originally scheduled Friday) and Tuesday's JOLTS report have been postponed.