NEW YORK, August 4, 2026, 08:02 EDT
- Futures for the S&P 500 increased by 0.20%, with Nasdaq 100 futures up 0.78%. Dow futures climbed 0.64%.
- Six AI-capex beneficiaries recorded a median premarket increase of 8.9%, outpacing the S&P futures by 8.7 percentage points.
- Around 85.2% of the 304 S&P 500 companies that have reported so far have surpassed earnings forecasts. The historical average is 67.5%.
U.S. stock futures climbed on Tuesday, with investors broadening their artificial-intelligence bets beyond major technology companies. Gains were seen across software, optical-network, power-chip, and industrial-equipment stocks.
The investor signal is beneath the index mark. Six companies identified by Reuters as benefiting from AI-related capital spending saw a median rise of 8.9% ahead of the market open. S&P 500 futures edged up 0.2%.
The 8.7-point difference indicates investors are focusing on certain infrastructure constraints. They are not assigning a consistent premium throughout the market.
The U.S. cash market stayed shut at the dateline. Standard trading resumes at 9:30 a.m. EDT. The S&P 500 was roughly 21 points short of its all-time high.
| Benchmark | Monday cash close | Monday change | Tuesday futures, 06:56 EDT |
|---|---|---|---|
| Dow Jones Industrial Average | 53,178.41 | up 1.32% | up 0.64% |
| S&P 500 | 7,600.50 | up 1.48% | up 0.20% |
| Nasdaq Composite | 25,913.90 | up 2.13% | Nasdaq 100 futures up 0.78% |
Reuters provided the numbers for Monday’s market close as well as a snapshot of Tuesday’s futures.
Monday saw gains across the board. Oil prices dropped roughly 5% amid optimism over easing U.S.-Iran tensions. Declining yields helped alleviate the strain on equity valuations.
Amazon.com NASDAQ:AMZN rose 4.6%, pushing its market capitalization above $3 trillion. Boeing NYSE:BA and Microsoft NASDAQ:MSFT provided significant lifts to the Dow. Meta Platforms NASDAQ:META and Alphabet NASDAQ:GOOGL drove a 4.3% increase in communication services.
Boeing shares climbed after U.S. authorities certified the 737 MAX 7, with the development attributed to company-specific news rather than broader AI trends.
| Monday breadth measure | Reading | Comparison |
|---|---|---|
| NYSE advancers versus decliners | 2.62-to-1 | Widespread gains |
| Nasdaq advancers versus decliners | 3.01-to-1 | Broader participation |
| U.S. exchange volume | 19.36 billion shares | 9.6% higher than the 20-day average |
| S&P 500 new highs versus lows | 15 versus 1 | Markedly positive |
| Nasdaq new highs versus lows | 121 versus 96 | Positive, though less clear-cut |
The 20-day moving average stood at 17.66 billion shares.
Premarket gains on Tuesday were more concentrated, centering on companies supplying software, networking, equipment, and power systems for data center expansion.
| Premarket mover | Move at Reuters snapshot | Immediate catalyst |
|---|---|---|
| Palantir Technologies NASDAQ:PLTR | +16.0% | Lifted revenue guidance for the year |
| Coherent NYSE:COHR | +11.8% | Suggested limits on Chinese transceivers |
| Lumentum Holdings NASDAQ:LITE | +9.3% | Same suggested limits |
| Marvell Technology NASDAQ:MRVL | +8.5% | Ongoing strong demand for AI infrastructure |
| Onsemi NASDAQ:ON | +7.6% | Third-quarter outlook beat estimates |
| Caterpillar NYSE:CAT | +7.5% | Quarterly earnings exceeded expectations and outlook improved |
The actions took place near Reuters’ 6:56 a.m. EDT snapshot.
Optical stocks experienced choppy trading. A previous Barron’s screen reported Coherent jumping 19.3% and Applied Optoelectronics NASDAQ:AAOI rising 18.9%. Coherent’s advance later eased to 11.8%.
The catalyst is still at an early stage. Reuters said U.S. authorities are preparing potential rules targeting upcoming Chinese optical-transceiver products. The plan may yet be revised or dropped.
Palantir delivered the strongest indication of demand. The midpoint of its annual revenue outlook climbed approximately 6.5%, and revenue for the second quarter surged 93% to $1.94 billion. Chief Executive Alex Karp stated the company was growing at a rate and scale never seen before.
Onsemi provided further validation, with its third-quarter revenue midpoint coming in roughly 1.8% above analyst expectations. Chief Executive Hassane El-Khoury stated, “AI data center remains our fastest-growing business.” Reuters
Caterpillar brought the momentum to heavy industry, reporting a 24% rise in quarterly revenue to $20.54 billion. The company’s order backlog hit a new high at $72.1 billion, driven by stronger demand for power and construction machinery from data-centre development.
| Fundamental check | Reported or forecast figure | Comparison | Difference |
|---|---|---|---|
| Palantir 2026 revenue outlook midpoint | $8.154 billion | Prior midpoint: $7.656 billion | +6.5% |
| Onsemi Q3 revenue midpoint | $1.70 billion | Market consensus: $1.67 billion | +1.8% |
| Caterpillar adjusted EPS for the quarter | $8.17 | Market consensus: $6.20 | +31.8% |
| S&P 500 proportion beating estimates | 85.2% | Historical average: 67.5% | +17.7 points |
Broader earnings trends continue to offer support. As of Friday, S&P 500 earnings had increased by 29.3%. This limits dependence solely on price momentum.
However, positioning has the potential to intensify each shift. Brian Levitt, a strategist at Invesco NYSE:IVZ, stated, “Momentum-driven sectors often overshoot in both directions.” Reuters
Focus shifts to upcoming U.S. labour reports, with expectations for June job openings around 7.4 million, a decrease from 7.6 million previously. Data on factory orders and trade are also awaited. Rate futures reflected a 63.4% probability of a minimum quarter-point hike in September.
Risks: The suggested transceiver limits are still in draft form. Early session advances may be short-lived. Stronger labour readings or a fresh oil price surge could raise yields and weigh on high-duration AI stocks.
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