US stock futures rose on Tuesday, while oil prices fell as wary markets monitored a fragile US-Iran ceasefire in the wait for the latest rush of earnings.
S&P 500 futures (ES=F) moved up 0.3%, while those on the tech-heavy Nasdaq-100 (NQ=F) put on 0.5%. Dow Jones Industrial Average futures (YM=F) also edged up roughly 0.3%, with Wall Street stocks poised to rebound from a broad sell-off driven by rising Middle East tensions.
Oil prices pulled back from Monday’s surge as the US-Iran truce appeared to hold, despite exchanges of fire as both sides tried to exert control in the Strait of Hormuz. Brent (BZ=F) crude futures fell 1% to around $113 a barrel, while West Texas Intermediate (CL=F) crude traded at around $104.
Against that backdrop, investors are looking to earnings growth — solid this season so far — to provide fuel to keep this year’s rally in stocks going. On Tuesday, Advanced Micro Devices (AMD) results should shine light on the chip sector underpinning the AI boom, with Arm (ARM) reporting the following day.
On the AI flipside, Palantir (PLTR) shares slid after its results beat Wall Street estimates for first quarter revenue and profit, as questions linger about the impact of AI tools on its software business. Its revenue jump of 85% was driven by surging sales to the US government sector as well as commercial clients.
Tuesday’s earnings docket brings reports from Shopify (SHOP), Pfizer (PFE), Occidental (OXY), and Ferrari (RACE), among many big-name companies watched for the fallout from the Iran war.
On the economic data front, investors get fresh figures on the US trade balance and the latest Job Openings and Labor Turnover Survey (JOLTS) for insight into the strength of the economy.
