WASHINGTON (dpa-AFX) - Following the strong upward move seen over the past few sessions, stocks are likely to see continued strength in early trading on Tuesday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.3 percent.
Technology stocks may help lead the markets higher early in the session, as reflected by the 1.1 percent jump by the tech-heavy Nasdaq 100 futures.
Shares of Palantir (PLTR) are soaring more than 15 percent in pre-market trading after the enterprise software giant reported better than expected second quarter results and raised its full-year guidance.
'This quarter was otherworldly: our U.S. commercial revenue grew 149% year-over-year, our overall revenue grew 93% year-over-year, and our Rule of 40 score climbed to 155%,' said Palantir Co-Founder and CEO Alex Karp. 'The sovereign AI revolution makes us very optimistic about the future.'
An extended nosedive by the price of crude oil may also generate early buying interest, with U.S. crude oil futures plunging by more than 3 percent and plummeting by more than 5 percent on Monday.
Crude oil prices had moved higher earlier in the day but reversed course after Treasury Secretary Scott Bessent claimed the U.S. and Iran could reach a deal to reopen the Strait of Hormuz within the next couple days.
'We are in talks with the Iranians,' Bessent told CNBC's 'Squawk Box.' 'There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict.'
On the U.S. economic front, the Commerce Department released a report showing the U.S. trade deficit narrowed roughly in line with economist estimates in the month of June.
The Commerce Department said the trade deficit shrank to $73.3 billion in June from $77.6 billion in May. Economists had expected the trade deficit to decrease to $73.0 billion.
The narrower trade deficit came as the value of imports tumbled by 1.8 percent to $388.0 billion, while the value of exports slid by 0.9 percent to $314.7 billion.
Stocks moved sharply higher in early trading on Monday and saw even further upside as the day progressed. The major averages all showed significant advances, extending the strong upward move seen over the two previous sessions.
The major averages ended the day not far off their highs of the session. The Nasdaq surged 540.04 points or 2.1 percent to 25,913.90, the S&P 500 shot up 110.78 points or 1.5 percent to 7,600.50 and the Dow jumped 693.38 points or 1.3 percent to 53,178.41.
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Tuesday. Japan's Nikkei 225 Index rose by 0.3 percent, while Hong Kong's Hang Seng Index slid by 0.6 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index is up by 0.8 percent, the U.K.'s FTSE 100 Index is up by 0.4 percent and the French CAC 40 Index is up by 0.3 percent.
In commodities trading, crude oil futures are plunging $2.49 to $77.85 a barrel after plummeting $4.33 to $80.34 a barrel on Monday. Meanwhile, after falling $16.50 to $4,090.50 ounce in the previous session, gold futures are jumping $39.60 to $4,130.10 an ounce.
On the currency front, the U.S. dollar is trading at 157.46 yen compared to the 157.16 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.1522 compared to yesterday's $1.1507.
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