【US Pre-Market】Three Major Index Futures Rise as Oil Falls Below $80; Amazon, Alphabet Gain as Market Focuses on PLTR Earnings

TradingKey - On Monday Eastern Time (August 3), futures on the three major US stock indices rose collectively in pre-market trading. US President Trump announced a suspension of attacks on Iran and a shift toward diplomatic negotiations, driving oil prices sharply lower and cooling concerns over energy inflation; meanwhile, Microsoft ( MSFT) and Amazon ( AMZN )'s post-earnings AI trading sentiment continues, and risk appetite for tech stocks has recovered.

As of press time, Dow futures rose 1.02%, S&P 500 futures rose 0.65%, and Nasdaq 100 futures rose 0.35%.

Performance of the three major US stock index futures, Source: Investing

In commodities, gold ( XAUUSD) fluctuated slightly around $4,050; international oil prices fell sharply, with WTI ( USOIL) crude fell over 8%, pulling back to around $79.5; Brent crude fell over 8%, trading around $83.5. Trump stated he cancelled the planned military action against Iran and said negotiations regarding the Iranian nuclear issue and passage through the Strait of Hormuz would resume. Meanwhile, OPEC+ plans to continue increasing production quotas starting in September, further depressing the risk premium on crude oil.

In cryptocurrencies, Bitcoin ( BTC) fell to around $62,700, down about 0.8% on the day. Despite the rise in US stock futures, the crypto market was affected by wallet security incidents and internal rotation of risk assets, underperforming the US tech sector.

Market Movers

Amazon rose nearly 2% premarket. The company's earnings report released last week continues to resonate, with AWS revenue growing 37% year-over-year to $42.2 billion, marking its fastest growth in 18 quarters; meanwhile, the company raised its 2026 capital expenditure plan to $220 billion. The market continues to view this as a crucial validation of AI cloud demand and data center investment intensity, driving a recovery in sentiment for mega-cap tech stocks.

Alphabet ( GOOGL) rose over 2% premarket. Against the backdrop of intensifying AI model competition and the continuous expansion of cloud computing capital expenditures, capital continues to flow back into some mega-cap internet platform stocks. Microsoft rose about 1.5% premarket, while Meta ( META) rose over 1%, indicating that heavyweight tech stocks remain the primary support for premarket gains.

Palantir ( PLTR) rose over 3% premarket. The company will report its second-quarter earnings after the close today, with the market focusing on its commercial customer growth, resilience in government business, and the realization of AI platform revenue.

Micron Technology ( MU) fell over 3% premarket. Although the AI capital expenditures of Amazon and Microsoft continue to support expectations for memory demand, memory chip stocks that previously recorded significant gains still face pressure from profit-taking. Nvidia ( NVDA) edged slightly lower premarket, while AMD ( AMD) fell about 1.3%, and Intel ( INTC) fell about 1.4%.

Bristol Myers Squibb ( BMY) rose over 6% premarket. According to media reports, AstraZeneca ( AZN) is in talks with Bristol Myers Squibb regarding a potential merger. If a deal is reached, the combined company's market capitalization could approach $400 billion. Affected by the news, AstraZeneca's European share price moved lower, as the market focuses on regulatory hurdles and the strategic necessity of mega-pharma mergers.

Market News

Trump pauses military action against Iran, causing oil prices to fall sharply. Trump stated that the U.S. called off its planned strike on Iran after Middle Eastern leaders requested a "pause in action," and is now seeking to restart negotiations. Market pricing of supply disruption risks in the Strait of Hormuz decreased, with WTI crude dropping below $80.

OPEC+ plans to continue increasing production quotas in September. OPEC+ agreed to further increase crude oil supply starting in September, continuing to phase out its previous voluntary production cuts. This news, combined with easing U.S.-Iran tensions, pushed oil prices lower, putting pressure on energy stocks in premarket trading.

AstraZeneca and Bristol Myers Squibb are reportedly in merger talks. Media reports state that the two sides are in early-stage discussions regarding a potential merger, with the scale of the transaction potentially ranking the combined company among the world's largest pharmaceutical firms. Bristol Myers Squibb shares rose in U.S. premarket trading, while AstraZeneca's European shares declined.

Alibaba ( BABA) released its new AI model, Qwen 3.8-Max. Alibaba's Hong Kong shares surged, and its U.S. ADRs strengthened in premarket trading. The model's release is seen by the market as a sign that competition in China's large AI models continues to heat up.

Key Data/Events Preview

At 9:45 AM ET on August 3, the US will release the final S&P Global Manufacturing PMI for July, with market expectations at 53.8 and the previous reading at 53.8.

At 10:00 AM ET on August 3, the US will release the ISM Manufacturing PMI for July, with market expectations at 54.0 and the previous reading at 53.3.

At 10:00 AM ET on August 3, the US will release construction spending for June, with market expectations of a 0.2% MoM increase and a previous reading of 0.1%.

Palantir will report its earnings after the market close on August 3 ET.