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

• Palantir's Q2 revenue jumped 93% year-over-year to $1.94 billion, with US commercial sales up 149% to $764 million, driving the stock up 17.2% premarket and lifting chip stocks including ON Semiconductor (+7.5%), Micron (+2.3%), and Marvell (+4.4%).
• June JOLTS report due at 10am ET is expected to show job openings easing to 7.4 million from 7.6 million, with markets pricing a 63.4% chance of a quarter-point rate hike next month depending on labor market strength.
• AMD reports earnings after close with expectations of roughly 46% year-over-year revenue growth to about $11.2 billion, while SpaceX will deliver its first public earnings report, testing whether Starlink can finance capital-intensive expansion projects.

Market Summary: Dow Futures Surge on AI Revenue Strength

Key Market Movements

U.S. stock futures rallied Tuesday morning, with Dow futures up 342 points, S&P 500 futures gaining 0.19%, and Nasdaq 100 contracts climbing 0.76% as of 7:00 AM ET.

Palantir Drives AI Optimism

Palantir (PLTR) surged 17.2% pre-market after reporting exceptional Q2 results: revenue jumped 93% year-over-year to $1.94 billion, while U.S. commercial sales soared 149% to $764 million. The company raised full-year revenue guidance to $8.15-$8.158 billion, demonstrating tangible AI demand beyond promises. This strength lifted the broader tech sector, with ON Semiconductor up 7.5%, Marvell +4.4%, Micron +2.3%, and Nvidia +0.7%.

Critical Data Points Ahead

The June JOLTS report (10:00 AM ET) is expected to show job openings declining to 7.4 million from 7.6 million in May, a key labor demand indicator before Friday's employment report. June trade data releases at 8:30 AM ET. Fed futures currently price a 63.4% probability of a quarter-point rate increase next month.

AMD Earnings in Focus

AMD reports after market close with expectations centered on $11.2 billion in Q2 revenue (±$300 million), representing approximately 46% year-over-year growth. Investors will scrutinize guidance on EPYC processors, Instinct accelerators, and next-generation AI systems.

Additional Catalysts

SpaceX debuts its first public earnings report post-market (4:30 PM ET webcast), testing whether Starlink revenue can support capital-intensive expansion plans.

Oil prices rebounded—Brent +1.2% to $84.81, WTI +0.4% to $80.64—amid disputed Iran negotiation reports and Strait of Hormuz shipping constraints, potentially reviving inflation concerns.