【US Pre-Market】US Index Futures Rise; Nvidia, Circle Surge as SpaceX, AMD Slump Post-Earnings

TradingKey - On Wednesday (August 5) Eastern Time, the three major U.S. stock index futures rose collectively in pre-market trading, with Nasdaq 100 futures up 0.22%, S&P 500 futures up 0.42%, and Dow futures rising 0.87%.

In commodities, spot gold ( XAUUSD) surged 2.6%, breaking through the $4,100 mark, temporarily trading at $4,183; international oil prices rebounded slightly, with WTI crude ( USOIL) rose 1.1% to around $75; Brent crude ( UKOIL) rose about 1.8%, briefly breaking through $80 per barrel.

In cryptocurrencies, Bitcoin ( BTC) rose 0.4% intraday, breaking through $64,000; Ethereum ( ETH) fell slightly, temporarily trading at $1,966; Binance Coin ( BNB) rose 0.5%, briefly breaking through the $600 mark.

Market Movers

SpaceX ( SPCX) tumbled more than 11% premarket. SpaceX's second-quarter revenue, adjusted EBITDA, and other financial metrics beat market expectations, but capital expenditures on AI computing infrastructure reached $15.8 billion, sparking market concerns.

SpaceX stock chart, Source: TradingView

AMD ( AMD) fell over 8% premarket. AMD reported strong second-quarter financial results, with both revenue and earnings per share exceeding market expectations. Its Q3 revenue guidance was $13.00 billion, which was above the median estimate of $12.85 billion, but below the market's most optimistic estimate of $14 billion.

Nvidia rose over 2% premarket. SpaceX CEO Elon Musk announced the use of Nvidia technology to build AI computing power, calling the Vera Rubin architecture the best AI computer currently available. It is reported that SpaceX expects to start launching satellites equipped with Nvidia's Vera Rubin NVL72 rack-scale systems next year.

Circle ( CRCL) surged nearly 10% premarket. The company's second-quarter revenue was approximately $658 million, missing Wall Street estimates of $735 million; however, adjusted EBITDA was $143 million, beating market expectations of $139.6 million.

Market Highlights

US-Iran negotiations are filled with uncertainty. US President Donald Trump claimed that Washington and Iran are engaged in very good discussions, while accusing Iran of failing to acknowledge this. Meanwhile, he issued a stern warning: "If they back out again, they will suffer a severe blow, and they understand this themselves."

The Strait of Hormuz will not reopen in the short term. According to a report by Iranian state television on August 5, a potential agreement between Iran and Oman regarding vessel transit arrangements in the Strait of Hormuz does not mean the strait will immediately reopen. Meanwhile, sources familiar with the matter were cited as saying that even if Iran and Oman reach an agreement, the reopening of the Strait of Hormuz still depends on whether the US changes its non-compliant behavior.

Fed officials sent hawkish signals. Kansas City Fed President Jeffrey Schmid believes the current monetary policy stance is insufficient to effectively bring down inflation, and further policy tightening may be needed in the future. Similarly, Philadelphia Fed President Anna Paulson stated that the future direction of monetary policy will depend on the trajectory of core inflation.

Key Data and Events Preview

US July ADP Employment Change (in 10,000s)

US July ISM Non-Manufacturing Index

Uber, Novo Nordisk, Occidental Petroleum, SanDisk, Western Digital, and other companies report earnings

SpaceX's first wave of stock lockup expirations is approaching, with approximately $100 billion in shares entering circulation on August 6