U.S. Stock Futures Mixed After Record Close as SpaceX, AMD Earnings Disappoint

U.S. stock index futures were mixed in overnight trading after a record-setting session on Wall Street, as disappointing after-hours reactions to earnings from SpaceX (NASDAQ: SPCX) and Advanced Micro Devices (NASDAQ: AMD) tempered broader market optimism.

Wall Street Rallies on Tech Rebound

The major U.S. indexes closed at record highs on Tuesday, driven by a strong resurgence in technology stocks that had underperformed in July. The buying momentum reflected renewed investor confidence in the sector, particularly in artificial intelligence and semiconductor companies.

• The S&P 500 and the Dow Jones Industrial Average both closed up between 1.7% and 1.8% to reach new records.
• The tech-heavy NASDAQ Composite rallied 2.6% to close at a one-and-a-half-month high.
• The Philadelphia Semiconductor Index surged over 6%, recovering a significant portion of its recent losses.

After-Hours Earnings Rattle Tech Giants

Despite the strong market close, after-hours trading saw significant declines for two major tech firms following their quarterly reports. SpaceX fell 8% in extended trading after reporting its first earnings as a publicly listed company. While the aerospace firm posted stronger-than-expected revenue and a narrower loss, investors focused on its plans for higher spending on AI infrastructure, raising concerns about future costs.

Ad

Similarly, shares of AMD dropped as much as 9% aftermarket. The chipmaker delivered quarterly earnings and revenue that surpassed expectations, but the positive results failed to assuage investor concerns that the stock's substantial AI-driven gains may already be fully priced in. Pressure on the stock was compounded by SpaceX's announcement of a major AI processor partnership with rival Nvidia (NASDAQ: NVDA).

Futures Signal Cautious Open

Tuesday evening's futures movements reflected the conflicting signals from the market. While the broad market showed resilience, the tech sector's after-hours performance weighed on the Nasdaq.

• S&P 500 Futures rose 0.2%.
• Dow Jones Futures also gained 0.2%.
• Nasdaq 100 Futures, however, edged down 0.07%.

In a notable exception, Nvidia shares rose about 2% in aftermarket trade, buoyed by its newly announced partnership with SpaceX.