August Kicks Off: Palantir, AMD, SanDisk Earnings and NFP Jobs Report - 5 Stocks and 3 Macro Events to Watch

TradingKey - Earnings Week 2026 is officially here, and the numbers speak volumes. Microsoft (MSFT) and Amazon (AMZN) stock price rose by 16% and 10% respectively. While Meta (META), Apple (AAPL), and KOSPI prices fell by 10%, 4%, and 17.9% respectively. What these numbers show is that the demand for AI is present, but capex without evidence of demand will get punished. 

This week is the follow-through test. Palantir’s earnings report is expected on Monday, August 3, and is projecting revenues for Q2 to reach $1.81 billion, showing an 81% increase, at a Price to Sales ratio of 61x, which shows that the situation is very much clear for the market. 

Next, on Tuesday, earnings will be watched from AMD closely for MI450 and Helios production updates. On Wednesday, Sandisk will be giving their earnings report and will be the first pure-play NAND earnings since the stock fell 53% from its all time highs. Completing the week will be the July nonfarm payrolls report which will be released on August 7 at 8:30 AM ET. The June report came in below expectations at 57,000 jobs. Below is everything traders need to know for the

3 Macro Events to Watch This Week

1. ISM Manufacturing PMI: Monday, August 3, 10:00 AM ET

The ISM Manufacturing PMI for July gives the market the first chance to see if heightened investment in AI infrastructure impacts the manufacturing sector, or if the trend is still concentrated to that sector. Manufacturing continued to contract in June, with the PMI reading 49.0. 

A PMI reading above 50 would indicate the manufacturing sector is in expansion and would have a positive influence on the outlook for cyclical stocks. 

If the PMI comes in below 49, that would indicate that manufacturing growth is still concentrated to the technology and AI sectors. In this PMI, the new orders component, which indicates the level of demand for manufacturing in the upcoming months, is of great importance.

2. Federal Reserve Speakers: Throughout the Week

With the recent decision to keep rates unchanged at the end of July, a lot of focus will be on Federal Reserve commentary for the upcoming September 16 FOMC meeting. The June nonfarm payrolls report showed a weaker job market with only 57,000 jobs added, with the consensus being 110,000, while the unemployment rate held at 4.2%. 

With weakened employment, September is looking more likely for the Fed to cut interest rates. If inflation continues to be a problem or if the manufacturing sector shows positive growth, the Fed may hold interest rates higher for a longer period.

3. July Jobs Report: Friday, August 7, 8:30 AM ET

The July nonfarm payrolls will be the major macroeconomic data release of the week. A gain below 100,000 would likely cause further concerns about an ongoing employment slowdown and would likely give a boost to equities and bonds as a September rate cut becomes more priced in. 

Payroll growth above 150,000 would give the market less justification for easing and would likely push Treasury yields higher. In addition, the market will be watching unemployment, wage growth, and previous month adjustments. The report will be the most significant release leading into the August 12 CPI report and the September Federal Reserve meeting.

5 Stocks to Watch Next Week

1. Palantir (PLTR): Monday, August 3, After Close

Palantir is forecasting Q2 2026 revenues to be approximately $1.81 billion, an 81% year-over-year increase, with EPS expected to increase 119% to $0.35. Palantir is expected to experience substantial growth, but valuation is a concern. Shares are currently trading at $122, approximately 61 times revenue and 149 times trailing EPS. PLTR has lost 39% from its November 2025 all-time high of $207.52. Professional estimates of Palantir's past revenues were significantly lower than reported actuals. Investors will be attentive to management's forecast of $4.2 billion to $4.4 billion free cash flow for the year.

2. AMD (AMD): Tuesday, August 4, After Close

AMD is expected to post revenue of $11.2 billion, up 46%. AMD non-GAAP EPS is expected to be $1.67, with an adjusted gross margin of 56%. Revenue growth of $5.8 billion (up 57% year-over-year) in Q1 from the Data Center is expected to grow further in the current quarter, with Helios and MI450 presently generating revenue after notable bookings with Meta and OpenAI. Investors are looking for management to provide expectations for when the anticipated surge in AI-related revenues is expected to materialize.

3. SanDisk (SNDK): Wednesday, August 5

SanDisk shares have lost approximately 53% of their value, closing recently at approximately $1,100 from $2,354, as concerns over CXMT have grown. Analyst James Schneider of Goldman Sachs has a target price of $2,200, citing improvements in supply of NAND may ease competition. Key indicators are demand for enterprise SSDs and pricing for NAND, gross margins, and guidance. Investors are looking for management to provide pricing guidance to support SSD demand as prior periods showed pricing greatly decreased without a noticeable improvement in margins. Strong pricing signals may indicate finite demand, with a projected price of $924 per share based on the Fibonacci extension.

4. Rocket Lab (RKLB): Thursday, August 6

The estimates of Rocket Lab earnings put them in the $155-$165 million bracket, and after landing a $266 million contract with the Air Force, they’re playing with the big boys, sitting among the companies under the $17 billion Space Force contract ceiling. This will be the first earnings call after the planned $8 billion acquisition of Iridium was announced. It will be important for investors to understand the financing and the plan to integrate Iridium. 

It will also be important for investors to understand the development schedule for the Neutron program. Shares of Rocket Lab’s stocks are around $82. Analysts have the stock target price at $116.57 with the stock price peaking at $151.99,  3 months ago.

5. Apple (AAPL): Watch Monday’s Open

Shares of Apple were at $319 in after hours trading with shares projected to be lower in the full trading session on Monday. Earnings on the Services segment were $30.74 billion, which were below the $31.22 billion consensus. Earnings on the Greater China segment were $18.8 billion, below the $19.6 billion consensus. There will be support at $319 to make a run at $321-$325, but if shares trade below $315 a correction is likely, given the drop from $342.89.

The Full Week Calendar

• Monday Aug 4: ISM Manufacturing PMI at 10:00 AM ET. PLTR earnings released after market close. AAPL sees first regular session reaction.
• Tuesday Aug 5: AMD earnings released after market close. SNDK earnings released.
• Wednesday Aug 6: RKLB earnings released. Multiple Federal Reserve Speakers.
• Thursday Aug 7: Weekly Jobless claims at 8:30 AM ET.
• Friday Aug 8: Nonfarm Payrolls for July released at 8:30 AM ET. Most Significant Macro Event of the Week.

The One Theme That Ties Everything Together

This week focuses on the durability of AI related spending and the severity of a spending slowdown. Microsoft, Amazon, and Samsung confirmed AI related spending and now focus turns to Palantir on Monday for software demand and AMD on Tuesday for AI Hardware to meet the 12-gigawatt commitments from Meta and OpenAI. On Wednesday SanDisk will illustrate the demand destruction in NAND from its 53% drop and 18% recovery, and on Friday the NFP will indicate whether the Fed can cut rates in September creating a critical Macro backdrop for high Multiple stocks.

Bottom Line

Between August 3-7, the selling point will be Palantir defending their 61-times-sales multiple, AMD validating AI Hardware Revenue, and an improved outlook in NAND from SanDisk. The Jobs Report will show whether Monetary Policy will aid or threaten the high Multiple AI Stocks. Given earnings and macro movements, the market is more concerned with the sustainability of demand.