US stock futures moved higher on Tuesday, following a broad rally that began the new month on Wall Street.
S&P 500 futures advanced 0.2%, and Nasdaq 100 futures climbed roughly 0.5%. Dow Jones Industrial Average futures showed little change after the blue-chip index led gains on Monday with a 500-point advance.
Among individual stocks, AI-related infrastructure names like Sandisk finished the previous session in positive territory. Nvidia, however, slid nearly 3% amid reports that OpenAI is delaying the close of a $100 billion deal due to dissatisfaction with Nvidia chips and is seeking alternative hardware.
Cryptocurrency and commodity markets saw continued volatility. Bitcoin steadied after falling to its lowest level since April. Precious metals retreated, with gold and silver futures ending Monday lower following steep losses late last week.
This week brings a heavy schedule of corporate earnings, with over 100 S&P 500 companies set to report. Advanced Micro Devices releases results Tuesday, while Amazon and Alphabet report later in the week. In after-hours trading, Palantir shares surged roughly 6% after the data analytics firm reported stronger-than-expected fourth-quarter results and issued optimistic guidance.
Investors remain focused on tech earnings, seeking evidence that artificial intelligence investments are translating into stronger margins and earnings growth. This follows a lukewarm market response to Microsoft's results last week.
Data releases scheduled for this week, including Friday's monthly jobs report, are set to be postponed after the US government entered another partial shutdown.
In premarket activity Tuesday, Sandisk stock rose 4% after Bernstein SocGen raised its price target on the technology company to $1,000 from $580 and maintained an Outperform rating, citing the company's positive second-quarter earnings report.
Micron stock edged higher before the bell, climbing 2% after launching a $24 billion high-tech storage facility in Singapore to support its AI initiatives.
AMD rose 2% during premarket hours as the chip company prepared to report its fourth quarter earnings later in the day. AMD stock has been up 10% over the past month and risen 14% year to date.
Alibaba's US shares dipped 2% before the bell following a sell off in Chinese technology stocks due to concerns about authorities placing a tax on internet firms.
Palantir stock surged around 12% in premarket trading after its late Monday earnings report, as US commercial and government revenue drove better-than-expected earnings in the fourth quarter.