AMD Jumps 7% to Record High After Hours; SpaceX Set to Unveil First-Ever Earnings Tonight

Chipmaker AMD (AMD) surged after the close on Tuesday, August 4. As of this writing, shares are at $518.58, up 7.00% (+$33.94) from the prior close of $484.64. The stock opened at $504, hit an intraday high of $530.13, and dipped to a low of $502.20.^{[Investopedia]} The company reports quarterly results after the bell today, and the market is watching closely. Meanwhile, SpaceX (SPCX) is also set to release its first quarterly report as a public company this afternoon — one of the marquee events of the earnings week.^[CNN]

Earnings Season Lifts Stock Futures

Stock index futures were broadly higher in Tuesday's premarket. Dow Jones Industrial Average futures and the tech-heavy Nasdaq futures were recently up 1.1%, while S&P 500 futures rose 0.3%.^{[Investopedia]} In the prior session (August 3), the Dow closed at a record high, and the S&P 500 finished just 20 points from its all-time high.^{[Investopedia]} During trading on August 4, the S&P 500 rose 0.5% to 7,640 — a gain of at least 0.13% on the day would mark its first record close since June 2.^[CNN] The Dow surged 655 points, or 1.2%, extending Monday's record run, while the Nasdaq Composite added 1%, sitting about 4% below its early-June record.^[CNN]

In commodities, WTI crude futures fell more than 3% to $77.50, extending the prior session's slide on news that the U.S. paused strikes on Iran. Gold futures rose nearly 1% to $4,125 an ounce, and bitcoin was roughly flat at $63,700. The 10-year Treasury yield ticked down to 4.67%, after hitting its highest level since early 2025 on Friday.^{[Investopedia]}

SpaceX's First Earnings: AI Spending and Starlink Growth in Focus

SpaceX is set to report its first quarterly results as a public company after Tuesday's close — the first time investors will get an open-market look at the financials of Elon Musk's rocket, satellite, and AI venture.^[CNN] Analysts expect Q2 revenue of $6.85 billion, up nearly 70% year over year, with losses widening to 19 cents per share versus a 10-cent loss a year ago.^{[Investopedia]}

SpaceX completed the largest IPO in history in June, pricing shares at $135. The stock initially spiked above $225 before pulling back steadily. As of Monday's close, shares were at $114, up more than 5% on the day, but still nearly 50% below the June 16 closing record of $211 and 15% under the $135 IPO price.^[CNN] During trading on August 4, SpaceX shares rose more than 4% to $120, though they remain below the IPO price.^[CNN]

Investors are focused on the company's AI spending, revenue from its Starlink satellite internet business, and progress on the flagship Starship rocket.^[CNN] SpaceX previously disclosed a Q1 loss of roughly $4.3 billion and a full-year 2025 loss of about $4.9 billion. The company generates billions in revenue from Starlink while pouring massive sums into rocket launches and AI operations, including data center construction.^[CNN] In Q1, SpaceX's capital expenditures totaled $10.1 billion, with $7.7 billion directed to AI. The company completed its acquisition of xAI in February.^[CNN] In its IPO prospectus, SpaceX said it ultimately aims to unlock an AI market valued at over $26 trillion.^[CNN]

"In our view, the numbers themselves are secondary to management's body language and forward outlook," said Oppenheimer equity analyst Timothy Horan in a research note.^[CNN] The average Wall Street price target on SpaceX is $228.^[CNN] Oppenheimer analysts expect a "modest slowdown" in Starlink revenue growth due to delays in the rocket launch business.^[CNN]

Palantir Raises Guidance, Shares Jump 16% Premarket

Data analytics giant Palantir (PLTR) surged 16% in premarket trading Tuesday after reporting earnings Monday afternoon, putting shares on track for their highest level in two months.^{[Investopedia]} The company raised its full-year revenue guidance to $8.15 billion-$8.16 billion, up from a prior range of $7.65 billion-$7.66 billion.^{[Investopedia]} In Q2, Palantir posted adjusted EPS of $0.41 on revenue of $1.93 billion, nearly doubling year over year — both ahead of analyst estimates of $0.35 and $1.81 billion.^{[Investopedia]} The stock was down roughly 30% year to date heading into the report.^{[Investopedia]}

S&P 500 Nears Record Highs, Sentiment Warms

The S&P 500 is closing in on its June 2 closing record. Over the prior two months, the index fell nearly 5% from its recent peak before grinding higher.^[CNN] In late July, the Nasdaq briefly sat nearly 10% below its recent peak, flirting with a technical correction. Semiconductor stocks pulled back sharply after a strong run earlier this year, and investors have turned more selective on other tech names.^[CNN] The wild swings in South Korean markets have also underscored the risks of an over-concentrated AI trade.^[CNN]

Still, investors are digesting earnings and buying the dip in select mega-cap tech and software names. Over the past three months, healthcare and financials have outperformed tech, and the Dow has heavy exposure to those sectors.^[CNN] Tech remains the third-best-performing sector over the same period, and the Nasdaq is up more than 3% this week.^[CNN] As of July 31, roughly 61% of S&P 500 companies had reported, with 86% beating EPS estimates.^[CNN] According to FactSet, blended earnings growth is on track for the strongest profit growth in five years.^[CNN]

Bank of America notes that August through October is historically the weakest three-month stretch for the S&P 500.^[CNN] Oil's decline Tuesday helps ease inflation worries, and Treasury yields have pulled back after a sharp run-up last week.^[CNN] The market is still monitoring uncertainty around the Strait of Hormuz, while investors keep a close eye on the AI trade and whether the Nasdaq can reclaim its record high.^[CNN]

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