Pre-Market

Overnight Developments Futures are pointing to a tech-led risk-on open, driven by earnings rather than macro news. No significant geopolitical or central bank surprises hit overnight. Palantir’s “otherworldly” quarter — Yahoo Finance / CNBC Palantir reported Q2 after Monday’s close with EPS of $0.41 vs $0.33 expected and revenue of $1.94B vs $1.80B expected — revenue up 93% year over year, with US commercial revenue up 149% to $764 million. Management raised full-year revenue guidance to roughly $8.16B from a prior $7.65–7.66B. The stock jumped 12–15% in extended trading, and it is dragging the broader AI complex up with it. Affected sectors: Tech, Software, AI infrastructure ...

Overnight Developments AstraZeneca and Bristol Myers Squibb explore a $400B merger — CNBC / Financial Times The Financial Times reported Sunday that AstraZeneca has held early-stage talks with Bristol Myers Squibb about a combination valued near $400 billion — which would create the world’s fourth-largest pharmaceutical company and rank among the largest deals the industry has ever attempted. Bloomberg confirmed the talks have run for several months, with sources cautioning the deal may still be delayed or fall apart. Neither company has confirmed the reports. ...

Overnight Developments US Strikes a Dozen Iranian Targets Overnight — CNBC The US launched a fresh wave of strikes on roughly a dozen Iranian targets late Wednesday, retaliating for Iranian missile attacks on American forces in the region and ending the brief pause in hostilities that began in late July. Iran’s Revolutionary Guard has threatened further escalation. Notably, oil is not confirming the escalation — Brent is down 0.7% to $90.10 and WTI down 1.2% to $83.49, suggesting traders have largely priced in a conflict that has run since late February. Gold at $4,140 (+2.6%) is the clearer risk signal. Affected sectors: Energy, Shipping, Defense, Aviation ...

Overnight Developments China Begins Mass-Producing DUV Lithography, Breaking ASML’s Monopoly — China Daily / Bloomberg A Shanghai-based, state-backed manufacturer has entered mass production of domestically developed immersion deep-ultraviolet lithography systems — the category ASML has effectively owned for years. The report landed alongside Chinese memory maker CXMT’s STAR Market debut, which skyrocketed over 400%, and together they reframed China from “years behind” to “credible competitor” in the minds of Asian investors. The re-rating hit equipment and memory names hardest, since both face direct Chinese substitution rather than a demand problem. ...

Overnight Developments Middle East tensions push oil higher — CNBC Crude climbed roughly 4-5% overnight, with Brent trading near $98.61 and WTI breaking $90, after Iran-aligned Houthi forces struck two Saudi oil tankers in the Red Sea and President Trump threatened to bomb Iranian infrastructure over any interference with shipping through the Strait of Hormuz. The move rekindles inflation and shipping-cost concerns. Affected sectors: Energy, Transportation, Consumer, Utilities New 50% tariff on Canadian imports — CNBC The administration unveiled an additional 50% tariff on a range of Canadian goods, citing unfair trade practices. The measure adds fresh supply-chain and input-cost uncertainty for industrials, autos, and materials. Affected sectors: Industrials, Materials, Consumer ...

Overnight Developments No major geopolitical or macro surprises overnight — ECB held steady as expected and there were no new tariff or rate shocks. The story this morning is a watchlist earnings mover. Alphabet delivers Q2 beat, Cloud revenue surges 82% — Seeking Alpha Alphabet topped Q2 estimates with $119.8B revenue (vs. $116.8B expected) and $9.11 EPS, powered by Google Cloud growth of 82% to $24.8B. Shares initially dipped after-hours on raised capex guidance ($195–205B) but reversed to +3% in pre-market as investors leaned into the cloud momentum. Affected sectors: Tech, Cloud, AI infrastructure ...

Overnight Developments The broad tape is quiet — index futures are flat and overseas markets are calm — but several watchlist names are making outsized moves on company-specific catalysts after last night’s earnings and contract news. Futures & Pre-Market Index Futures Change S&P 500 7,530.75 -0.06% NASDAQ 29,164.50 -0.11% DOW 52,419.00 +0.07% Watchlist Movers SMCI up ~16% pre-market — Super Micro reported strong Q4 FY2026 results after the close, highlighting a record ~$60B backlog and raising gross-margin guidance to 15–17% (up from prior single-digit levels) on a more favorable product and customer mix. RKLB up ~3–5% pre-market — Rocket Lab won a $266M U.S. Space Force contract for up to 12 suborbital launches out of the Pacific Spaceport Complex in Alaska, with work running through 2028. OKLO trading volatile — choppy action as investors focus on the company’s July reactor milestone; sources point in both directions, so watch the open for a clear read. International Markets Asia was mixed and quiet (Nikkei +0.07%, Shanghai +0.06%, Hang Seng -0.95%). Europe is modestly higher (FTSE 100 +1.16%, DAX +0.61%). Nothing overseas suggests a macro shock into the US open. ...

Overnight Developments Global Semiconductor Selloff Accelerates; Nikkei Falls 4% — Invezz The Nikkei 225 plunged -4.14% to 64,141 in a chip-led rout, now down roughly 11% from its June peak. Kioxia (-16%), SoftBank (-9%), Tokyo Electron (-8%) and Advantest (-7.2%) led losses as AI valuation concerns deepened globally. South Korea’s Kospi fell a similar -4.9% (Samsung -4.4%, SK Hynix -3.3%). Watch NVDA, SMCI, INTC, TSM and the broader chip complex at open. Affected sectors: Semiconductors, Technology, AI-related ...

Overnight Developments Global Semiconductor & AI Valuation Rout Slams Asia — Nikkei Asia / CNBC The Philadelphia Semiconductor index fell 4.3% overnight as investors aggressively unwound leverage from AI and tech trades on concerns that valuations can’t be justified by earnings growth. In Japan, Kioxia crashed 16%, Tokyo Electron -8.1%, and SoftBank -9%; SK Hynix’s US-listed shares plunged 13%. The deleveraging cascaded across the region — Nikkei -4.14%, Shanghai -3.02%, Hang Seng -1.78%. Affected sectors: Technology, Semiconductors, AI ...

Overnight Developments US Blockades Iran, Escalates Strait of Hormuz Conflict — CNN, NPR The US military began a naval blockade of Iranian ports on July 14 and struck military targets across Iran (Bushehr, Chah Bahar, Jask, Konarak, Abu Musa, Bandar Abbas). Iran has vowed to assert control over the Strait of Hormuz, and European airlines have been directed to avoid Gulf airspace. Crude oil jumped ~3.6% to roughly $74/barrel, and global government bond yields rose 4–5 basis points on escalation fears. Affected sectors: Energy, Shipping/Transportation, Defense. ...