Nasdaq, S&P 500, Dow Futures Extend Gains After Hot Rally As Big Tech Earnings Deliver: PLTR, GME, SNAP, SLS In Focus

• Iran has refuted claims that it is negotiating a deal with the U.S. and has countered that it is speaking with Oman to come to "an understanding" over a temporary passage deal through the Strait of Hormuz for commercial shipping. 
• Global oil prices were climbing higher at the time of writing. 
• July’s monthly jobs report expected on Friday will be among the key releases for markets this week. 

U.S. stock futures edged higher in overnight trading late Monday as another round of strong corporate earnings lifted the major indexes. Meanwhile, geopolitical tensions remained in focus after Iran denied reports that it was negotiating a broader agreement with the United States, saying instead that it was holding talks with Oman to reach an understanding on a temporary commercial shipping arrangement through the Strait of Hormuz.

Nasdaq-100 futures climbed 0.11%, Dow futures were up 0.22%, and S&P 500 futures gained 0.13% at 9:35 PM EDT.  

On Monday, all benchmark indexes closed higher to mark a strong start to August, as earnings optimism bolstered investor sentiment. The Dow Jones Industrial Average surged 1% higher, clocking a record high at close. The S&P 500 and the Nasdaq Composite also gained, closing up 1.48% and 2.13% higher respectively. 

What’s Driving US Markets?

U.S. futures are climbing on growing optimism stoked by standout earnings from top American companies. 

On Monday, Palantir Technologies (PLTR) reported a strong second-quarter print, posting a 93% surge in revenues due to growing corporate demand for its AI tools and services. Shares of the company surged nearly 14% higher overnight following the results.

Meanwhile, Amazon.com (AMZN) shares surged to a record high, becoming the fifth company to join the $3 trillion club. 

Snap Inc. (SNAP), Trump Media & Technology Group Corp. (DJT) and ON Semiconductor Corp. (ON) were other noteworthy names to post quarterly results on Monday. 

In the week ahead, chipmaker Advanced Micro Devices Inc. (AMD) is slated to report its second-quarter (Q2) results. Markets will also be watching for the historic first quarterly report as a public company from SpaceX (SPCX) on Tuesday. 

Many consumer firms, including McDonald’s Corp. (MCD), Kraft Heinz Co. (KHC), Costco Wholesale Corp. (COST), and Walt Disney Co. (DIS), are also slated to announce their quarterly results this week.

On the geopolitical front, Iran said it is in discussions with Oman to reach an arrangement for a temporary passage through the Strait of Hormuz, aimed at restoring commercial shipping.

The announcement followed remarks by U.S. President Donald Trump, who said fresh talks to end the conflict in Iran would start on Monday, adding that he had paused planned “massive” strikes to allow for negotiations.

Iran, meanwhile, stated that it was not in talks with the U.S. and had no intention of entering negotiations with Washington.

Trump posted on Truth Social that “Iranian Leadership is unbelievably duplicitous! They ask for a meeting, some would say ‘beg,’ talks begin, with more scheduled in the immediate future, and they say, openly and proudly, that they’re not having any discussions, that nothing is being talked about, and they’re only dealing with ‘Oman.’”

Trump added that Iran has gone on with “their usual blather in saying, the Strait of Hormuz will be operated powerfully by them, when it is already completely controlled by the United States Navy and our “Blockade” or, as some say, “The United States Wall of Steel!” Nothing gets through to Iran, unless we want it to, and nothing will get through, unless a Deal, or Total Surrender, is accomplished. Whether Iran wants to admit it or not, we are, in fact, talking of a solution to a problem that they have caused, for decades. It is very simple, IRAN WILL NEVER HAVE A NUCLEAR WEAPON!”

Art Hogan, chief market strategist at B. Riley Wealth in Boston, reportedly told Reuters, "Typically earnings are a time that give us a chance to forget about disturbing macro influences, but this go around has not been one of those times."

Global oil prices were climbing higher at the time of writing. Brent crude futures expiring in October were up about 0.58% to $84.26 a barrel. Meanwhile, WTI crude futures expiring in September were trading at $80.80 per barrel, up nearly 0.6% at the time of writing. 

On the economic front, July’s monthly jobs report expected on Friday will be among the key releases for markets. July’s ADP National Employment Report and a host of other manufacturing data are also expected over the course of the week. 

Trending Stocks To Watch 

Palantir Technologies Inc. (PLTR): The tech company was trending on top on Stocktwits after its stellar Q2 results pushed shares nearly 14% higher.  

GameStop Corp. (GME): The videogame retailer’s shares tumbled on Monday after the company announced a deal to convert about $1.4 billion of convertible senior notes into Class A shares, reducing debt but increasing share dilution.

Snap Inc. (SNAP): The social media company’s stock jumped nearly 8% overnight after it posted stronger-than-expected Q2 results, bolstered by a rebound in its core advertising business and a growth in consumer subscriptions.

SELLAS Life Sciences Group Inc. (SLS): Shares of the clinical-stage biotech company closed up 12% on Monday after Citigroup disclosed a nearly $5 million stake ahead of a key Phase 3 AML trial catalyst.

Other Market Trends 

Yields on the 10-year Treasury were at 4.684% at the time of writing, while spot gold prices climbed to $4,056.46 per ounce. 

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the SPDR Dow Jones Industrial Average ETF Trust (DIA) and the Invesco QQQ Trust (QQQ) all edged higher at the time of writing. Retail sentiment for all three was in the red.

The iShares 20+ Year Treasury Bond ETF (TLT) was flat amid ‘bullish’ sentiment.

Asian markets were trading mixed at the open on Monday. South Korea's KOSPI, Japan’s Nikkei 225, and China’s SSE Composite were edging lower at the time of writing, while Australian stocks were gaining at the open. 

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