Stock futures were rising on Tuesday, putting the S&P 500 on the brink of a record high as tech extended its recent rebound.
Palantir was the S&P 500's best performer ahead of the opening bell, surging 16% after the data analytics software developer reported strong second-quarter earnings. CEO Alex Karp described the quarter as "otherworldly," as U.S. commercial revenue rose 149% from a year ago.
ON Semiconductor jumped 7.6% after the chip maker's second-quarter earnings beat expectations.
The AI trade was making a comeback, with Coherent and Lumentum both up more than 10% and Corning, Marvell, and Micron among the other stocks soaring in premarket trading.
BP climbed 1.4% after the British oil major reported a surge in second-quarter profit, just a day after President Donald Trump said big oil companies including Chevron and ExxonMobil were "making too much money."
Caterpillar soared 8.3% after the industrial machinery maker smashed Wall Street's second-quarter earnings estimates.
Spotify dropped 3.6% after the audio streamer said it reached 300 million premium subscribers in the second quarter, but posted disappointing earnings as AI and marketing costs rose.
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