Stock Market Today: Futures Mostly Rise as Palantir Leads Tech Shares Higher; Gold, Silver Rebound
Stocks were poised for a higher open after a strong start to February trading, with shares of Palantir Technologies leading tech shares higher. Meanwhile, gold and silver futures resumed their ascent.
Nasdaq 100 and S&P 500 futures pointed up 0.4% and 0.1%, respectively, while Dow Jones Industrial Average futures slipped 0.1%.
Yesterday, major stock indexes finished sharply higher to begin a new month of trading, with the blue-chip Dow Jones Industrial Average advancing 1.1%, or 515 points, the benchmark S&P 500 just missing a new closing record following a 0.5% gain, and the tech-heavy Nasdaq advancing 0.6%.
Shares of Palantir Technologies (PLTR) soared more than 11% in premarket trading after the company’s strong earnings report and revenue outlook after the closing bell Monday.
In other post-earnings moves, shares of Teradyne (TER) soared 22%, Archer-Daniels-Midland (ADM) fell 5%, Merck (MRK) declined 2%, and PepsiCo (PEP) slipped 1.5%. Pfizer (PFE) was set to report earnings before markets open, while Advanced Micro Devices (AMD) was slated to issue results after the close.
Gold and silver futures rebounded Tuesday after traders locked in profits following their recent run-up. Gold was up 6% at $4,940 an ounce, still well off its high above $5,625 set last Thursday, while silver—which had plummeted after touching above $121.75 an ounce the same day—soared 12% to $86.80.
West Texas Intermediate crude futures, the U.S. benchmark, were stable at around $62.25 a barrel after sinking about 4.5% Monday.
Bitcoin was little changed at around $78,000 after falling early yesterday to around $74,500—its lowest level since last April. The U.S. dollar index, which tracks the value of the greenback against a basket of global currencies, was flat at 97.64, remaining near four-year lows.
The yield on the 10-year Treasury—which impacts interest rates on a variety of consumer loans including mortgages—was at 4.29%, up from Friday’s close around 4.28%.