US Pre-Market: Brent, WTI Rise Over 4%, Google, Tesla Earnings Approach, Super Micro Computer Surges Over 14%

TradingKey - On July 22 EST, in U.S. pre-market trading, the three major stock index futures fell collectively. As of press time, Nasdaq 100 Index futures fell 0.76%, S&P 500 Index futures dropped 0.29%, and Dow Jones Index futures slipped 0.13%.

[Source: CME Group]

In commodities, oil prices rose sharply. As of press time, WTI crude futures rose over 4% to $87.8/barrel, while Brent crude futures rose over 4% to $94.9/barrel.

Gold and silver prices also climbed, with spot gold ( XAUUSD) at around $4114/ounce; spot silver ( XAGUSD) at around $59.12/ounce.

In the crypto market, Bitcoin is currently trading around $65,910; Ethereum is trading around $1,922.

Market Movers

The memory chip sector fell broadly in pre-market trading. As of press time, SK Hynix ( SKHY) fell over 6%, Micron Technology ( MU) and Western Digital ( WDC) fell over 4%, SanDisk ( SNDK) and Seagate Technology ( STX) fell over 3%.

Mega-cap tech stocks diverged in pre-market trading. Alphabet Class A ( GOOGL) rose 0.33%, Tesla ( TSLA) fell 0.69%, with both companies set to release their Q2 earnings results after the bell. SpaceX ( SPCX) rose 0.32%, Nvidia ( NVDA) fell 1.26%, Meta ( META) rose 0.18%, Microsoft ( MSFT) rose 0.36%, Apple ( AAPL) and Amazon ( AMZN) were nearly flat.

Super Micro Computer ( SMCI) surged over 14% in pre-market trading. The company announced its fourth fiscal quarter guidance before the market open today, expecting its gross margin to rebound sharply to 15%-17% from its previous pessimistic expectation of 8.2%-8.4%, nearly doubling; new orders exceeded $60 billion.

Market News

Samsung in talks to invest in French AI startup Mistral, with the amount reaching up to nearly $1.1 billion. According to a report by the Financial Times, Samsung Electronics is in talks with French artificial intelligence company Mistral for a new round of funding, planning to invest approximately €1 billion (about $1.1 billion). This funding round could push Mistral's valuation to €20 billion (about $21.8 billion). Samsung has previously invested in Mistral through its venture capital arm, and this additional investment will significantly deepen the partnership between the two parties.

SK Hynix Denies Rumors of Acquiring Intel's US Fab. Market rumors emerged today suggesting that SK Hynix is considering acquiring Intel's wafer fabrication plant in the United States. However, SK Hynix subsequently issued a statement flatly denying the rumors, stating that "it is not currently considering acquiring Intel's US fab."

Google and Tesla's Q2 Earnings to Take Center Stage After Today's Close. Google and Tesla will release their second-quarter 2026 financial results simultaneously after the market close today, marking the most highly anticipated day of the current earnings season. Wall Street expects Google's revenue to be approximately $116.5 billion and EPS to be about $2.87, with a key focus on whether Google Cloud can sustain its high growth rate of over 63% from Q1.

For Tesla, the market expects revenue of approximately $25.6 billion, with automotive gross margin (excluding regulatory credits) being the most critical metric of this earnings report. The Q1 gross margin had expanded for four consecutive quarters to 19.2%, and whether this can continue into a fifth quarter is a key indicator for judging the sustainability of its price-cut promotion strategy.

Key Events Preview

Super Micro Computer surged over 17% in pre-market trading, with its gross margin nearly doubling, injecting a shot of adrenaline into the tech sector. However, the real highlights will be Google and Tesla. Cloud revenue growth and capital expenditure guidance will verify whether AI demand can support high valuations for tech stocks, while the trajectory of automotive gross margins will determine the market's assessment of Tesla's profitability. Prior to the release of the earnings reports, market sentiment remains mostly cautious with a wait-and-see attitude.