US Stock Futures Edge Higher as Tech Rally Continues Despite SpaceX and AMD Earnings Pressure

U.S. stock index futures traded slightly higher late Tuesday after Wall Street closed at fresh record highs, supported by a strong rebound in technology shares and easing oil prices. However, gains in futures were capped as investors reacted to disappointing post-earnings moves in SpaceX and AMD.

S&P 500 futures climbed 0.2%, while Dow Jones futures also gained 0.2%. Nasdaq 100 futures slipped 0.07% as weakness in major technology names weighed on sentiment. Nvidia bucked the trend, rising around 2% in after-hours trading after SpaceX announced a strategic partnership with the chipmaker to develop AI processors for space applications.

Tuesday’s rally followed renewed investor confidence in technology and artificial intelligence stocks after positive earnings from major AI spenders, including Microsoft and Amazon. The Philadelphia Semiconductor Index surged more than 6%, recovering from July’s sharp selloff driven by concerns over stretched AI-related valuations.

The S&P 500 and Dow Jones Industrial Average each advanced roughly 1.8%, closing at record highs, while the Nasdaq Composite jumped 2.6% to its highest level in more than a month.

Despite the broader market strength, SpaceX shares dropped 8% in after-hours trading following the company’s first quarterly earnings report as a public company. Although the aerospace firm reported stronger-than-expected revenue and a narrower loss, investors focused on its plans to significantly increase spending on artificial intelligence infrastructure. CEO Elon Musk also outlined ambitious growth targets, including expanding AI computing capacity and reaching $1 trillion in annual revenue by 2030, raising concerns about rising capital expenditures.

AMD also fell as much as 9% after reporting better-than-expected quarterly revenue and earnings. While the results highlighted continued demand for AI-related products, investors appeared concerned that much of the company’s AI-driven growth had already been reflected in its share price. Additional pressure came after SpaceX selected Nvidia as its AI chip partner, reducing expectations for AMD to secure a major contract.

Overall, the market remains optimistic about the technology sector, but investors continue to closely monitor AI spending, corporate earnings, and valuation risks as the rally extends.