Dow Jones Futures: Palantir Jumps On Earnings; SpaceX, xAI To Merge

Dow Jones futures were little changed early Tuesday, wile S&P 500 futures and Nasdaq futures modestly. Palantir Technologies (PLTR) headlined earnings after the close, while Elon Musk’s SpaceX and xAI reportedly are set to merge.

Fabrinet (FN), Rambus (RMBS), NXP Semconductor (NXPI), Woodward (WWD) and Teradyne (TER) also reported.

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The stock market rally had a solid Monday, with the indexes rebounding from or above key levels after sliding late last week. A strong manufacturing report was a positive catalyst.

Many leaders were strong, but continued weakness in gold, silver and bitcoin — and related stocks — underscore that some investor caution or market rotation.

Ciena (CIEN), Viking Holdings (VIK) and Dycom Industries (DY) made bullish moves Monday.

Viking stock is on Leaderboard and SwingTrader. Rambus stock Fabrinet are on the IBD 50. Fabrinet stock and Woodward are on the IBD Big Cap 20.

Dow Jones Futures Today

Dow Jones futures were even vs. fair value. S&P 500 futures advanced 0.3%. Nasdaq 100 futures rose 0.6%.

Gold futures rose solidly as silver futures jumped more than 10%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Join IBD experts as they analyze leading stocks and the market on IBD Live

Palantir, Other Key Earnings

Palantir earnings beat views and the AI data analytics software maker guided higher. PLTR stock surged in premarket action, signaling a move abovemits 200-day moving average. Shares edged up 0.8% to 147.78 on Monday, but that’s after plunging 17.5% in January, below all the key moving averages.

Woodward stock and Teradyne skyrocketed on earnings. Both were already significantly extended.

Rambus and Fabrinet stock fell sharply before the open after both closed near buy points. Rambus had rallied nearly 13% intraday Monday before closing fractionally lower. NXP Semi stock declined modestly, signaling a test of its 50-day line.

SpaceX-xAI Deal IPO

Elon Musk confirmed late Monday that SpaceX will merge with artificial intelligence startup xAI, following a Bloomberg report that a deal was done. Both companies are owned by the Tesla CEO.

“SpaceX has acquired xAI to form the most ambitious, vertically-integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile device communications and the world’s foremost real-time information and free speech platform,” Musk wrote on SpaceX’s website. Musk said that “within 2 to 3 years, the lowest cost way to generate AI compute will be in space.”

The deal reportedly would value the combined company at $1.25 trillion.

There had been increasing reports of a SpaceX-xAI tie, though one report last week had suggested that SpaceX might opt for Tesla instead.

Tesla announced a $2 billion investment into xAI last month.

Nasdaq Breaks Support, Walmart Tops $1 Trillion; AMD Leads Earnings Movers Late

Stock Market Rally

The stock market rally had a positive response to the negative tone late last week. The ISM manufacturing index unexpectedly hit its highest level since 2022, signaling expansion for the first time in more than a year

The Dow Jones Industrial Average jumped 1.05% in Monday’s stock market trading while the small-cap Russell 2000 gained 1%, both reclaiming their 21-day moving averages. The S&P 500 index climbed 0.5%, moving off its 21-day line. The Nasdaq composite advanced 0.6%, testing its 50-day line for a third session but also finishing above its 21-day despite paring gains slightly.

Leading stocks generally acted well, though precious metals stocks continued to skid. Gold and silver futures both fell 1.9% after gold futures tumbled and silver crashed on Friday.

Bitcoin settled at $77,925.22 as of 4 p.m. ET, down sharply vs. Friday afternoon but after tumbling below $74,700 Sunday night, the lowest since November 2024.

U.S. crude oil prices tumbled 4.7% to $62.14 a barrel. Over the weekend, President Donald Trump said U.S.-Iran talks are underway after oil prices surged last week on Trump threats.

The 10-year Treasury yield rose four basis points to 4.28% on the strong ISM data.

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ETFs

Among growth ETFs, the Innovator IBD 50 ETF (FFTY) rose 0.6%. The iShares Expanded Tech-Software Sector ETF (IGV) fell 0.9%, with Palantir stock a major holding. The VanEck Vectors Semiconductor ETF (SMH) climbed 1.1%, with Teradyne and NXP Semi both members.

ARK Innovation ETF (ARKK) declined 0.7% and ARK Genomics ETF (ARKG) advanced 0.7%.

SPDR S&P Metals & Mining ETF (XME) dipped 0.1%. The Energy Select SPDR ETF (XLE) sank 2% and the Health Care Select Sector SPDR Fund (XLV) gained 0.6%. The Industrial Select Sector SPDR Fund (XLI) popped 1.3%. The Financial Select SPDR ETF (XLF) was up 1.1%.

Best Growth Stocks To Buy And Watch

Stocks In Buy Areas

Ciena jumped 6.6^ to 268.49, closing above a 261.13 ascending-base buy point after Friday’s breakout attempt fizzled.

Dycom stock leaped 5.3% to 383.58, rebounding from the 21-day moving average and retaking a 366.65 flat-base buy point. Intraday, shares hit a record 388.07, topping a three-weeks-tight entry of 386.94.

Viking stock popped 4.9% to 75.70, topping a 74.61 flat-base buy point briefly touching the entry on Friday.

What To Do Now

The stock market rally needed a bounce, and it got one Monday. The major indexes are still in recent ranges, with the Nasdaq’s going back to late October. Big earnings this week are likely to drive the market.

Outside of gold and silver, leading stocks generally are acting well with several flashing buy signals. Investors could have made some modest moves to add exposure to replace laggards.

If the market breaks out of its recent range, you want to be ready. Have your watchlists in place.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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