S&P 500, Nasdaq 100, and Dow futures are modestly higher before the 8:30 AM ET July PPI and jobless-claims releases. Rates are the first macro gate after Wednesday CPI, while oil is softer despite Middle East tension, gold is easing, and the company tape is sharply two-sided across AI infrastructure, consumer discretionary, and earnings movers.

S&P 500, Nasdaq 100, and Dow futures are modestly higher before the 8:30 AM ET July Producer Price Index release, while Treasury yields have eased after Wednesday CPI. Why it matters: A benign wholesale-inflation print would support the soft-landing and rate-pause setup; a hotter print could pressure long-duration tech, homebuilders, and consumer names. What to watch: Watch headline and core PPI, initial claims, the U.S. 10-year yield, DXY, Nasdaq futures, banks, retailers, and homebuilders.

Cisco, Cerebras, Harmonic, Dell, Applied Materials, Coherent, and related hardware names show a two-sided tape as investors separate AI-order growth from margin, backlog, and capex pressure. Why it matters: The group is still central to index leadership, but earnings reactions show that order growth alone may not be enough when costs, gross margins, and buildout returns are under review. What to watch: Watch Cisco follow-through, Cerebras and Coherent selling pressure, Harmonic strength, Dell read-through, and Applied Materials guidance after the close.

StubHub, Tapestry, YETI, Birkenstock, Jack in the Box, First Watch, and Leslie's create a busy retail and leisure tape before Friday retail-sales data. Why it matters: Company-level reactions can show whether spending remains durable after softer CPI, and whether margin or traffic pressure is appearing in discretionary categories. What to watch: Watch TPR, YETI, and BIRK pre-open results, LESL downside follow-through, STUB cost commentary, and JACK/FWRG restaurant reads.

WSJ market coverage has crude lower even with U.S.-Iran tension around the Strait of Hormuz, while gold eases and the dollar firms before PPI. Why it matters: Energy, transport, airlines, and inflation-sensitive groups can diverge when supply-risk headlines conflict with demand and inventory signals. What to watch: Watch WTI/Brent direction, EIA natural-gas storage, shipping headlines, airlines, refiners, and large integrated producers.

The stock closed nearly 10% higher on Wednesday after SpaceXAI unveiled Grok 4.6, its latest mode which the company claims can outperform Anthropic’s Claude Fable at some benchmarks. CEO Elon Musk also said that the company’s next model, 4.7, is “significantly better” than 4.6 and should be available in three to four weeks. Why it matters: Anthropic investors expect the AI startup to target an IPO valuation of $2 trillion or more as early as October, potentially making it the largest IPO ever and eclipsing SpaceX.

Gapping down after its Q2 2026 earnings report, with revenue of $180.1 million and gross margin of 14% missing estimates of $194 million and $26.3%, respectively. Core revenue grew by 103% year-over-year to $209.9 million, with core gross margin expanding by 940 basis points to 41%. Cloud revenue grew by 281% year-over-year, though hardware revenue declined by 23%. The company hiked its core revenue outlook for FY 2026 and guided slightly higher-than-expected core revenue for Q3.

Sources: Cerebras IR event; WSJ Cerebras earnings; TradingView premarket losers

Gapping down after its Q4 2026 earnings report. Revenue of $17.3 billion and non-GAAP EPS of $1.22 beat estimates of $16.82 billion and $1.17, respectively. The company hiked its FY 2027 outlook and now expects revenue between $72.2 billion and $73.4 billion for the fiscal year, topping estimates of $68.69 billion; its new adjusted EPS outlook of $5.05-$5.11 similarly beat estimates of $4.80. Cisco projected better-than-expected revenue and EPS for Q1 2027.

Sources: Cisco investor relations; WSJ Cisco earnings; TradingView premarket losers

The Wall Street Journal reports that Apple is negotiating multiyear, nine-figure content licensing deals with publishers to provide current news and information for its upgraded, AI-powered Siri. The agreements could compensate publishers based on content usage. Why it matters: Apple is preparing to launch its new Siri later this year.

Bill Ackman’s Pershing Square has re-entered Netflix with a 3.15 million-share stake worth roughly $234 million, representing about 4.9% of the portfolio. Why it matters: Ackman previously owned Netflix in 2022 but exited just months later with an estimated $430 million loss, making the renewed investment a notable reversal of his earlier bearish stance.

Rocket Lab has authorized an at-the-market equity offering of up to $1.94 billion, giving the company significant flexibility to raise capital over time. Why it matters: The move could strengthen the company's balance sheet and fund growth initiatives, but the potential issuance of new shares also creates dilution risk for existing shareholders.

Trading sharply lower following its Q4 2026 earnings report. Revenue of $2.1 billion represented 34% year-over-year growth and beat estimates of $1.99 billion, while adjusted EPS of $1.74 similarly beat estimates of $1.61. Gross margin expanded by 215 basis points year-over-year to 40.2%. The company projected Q1 2027 revenue between $2.2 billion and $2.4 billion, above estimates of $2.14 billion; its EPS outlook for the quarter also beat estimates.

Sources: Kiplinger earnings calendar; TradingView premarket losers; Coherent investor relations

Google unveiled the Pixel 11 lineup, Pixel Watch 5 and Pixel Tag during its Made By Google event on August 12, with higher prices, upgraded durability and storage, while its new tracker directly challenges Apple’s AirTag through Android’s Find Hub network. Why it matters: The event also highlighted expanded Gemini AI features, including improved voice input, ASL translation and enhanced visual search, alongside new health-tracking capabilities on the Pixel Watch 5.

Trading lower premarket after its Q2 2026 earnings report. Revenue dropped by 2.9% year-over-year to 346.4 billion Chinese yuan, above estimates of 344.62 billion yuan. Non-GAAP EPS and net income similarly beat estimates, though operating income of 4.5 billion yuan fell short of the expected 4.9 billion yuan. Income from the company’s JD Retail operations fell from 13.9 billion yuan to 13.5 billion yuan on a year-over-year basis.

Sources: JD.com investor relations; Investors.com week-ahead earnings mention; TipRanks earnings calendar

Gapping down after its Q4 2026 earnings report. Revenue of $1.9 billion beat estimates of $1.88 billion, with adjusted EPS of $1.32 topping estimates of $1.28. The company guided FY 2027 revenue between $8.4 billion and $8.5 billion, in-line with estimates of $8.46 billion; its adjusted EPS outlook of $7.80-$7.90 for the same period was similarly in-line with estimates of $7.84.

Sources: Tapestry prior release with upcoming event; TipRanks TPR earnings page

IREN said Microsoft has accepted Horizon 1, the first of four 50MW AI cloud deployments under its five-year, $9.7 billion contract, with the site running NVIDIA GB300 NVL72 systems. Horizons 2–4 are expected later this year. IREN maintained its target of 480MW of AI cloud capacity in 2026 and 1.2GW in 2027.

Meta said it has removed more than 750,000 Instagram and Facebook accounts suspected of belonging to Australians under 16 since the country’s social media ban took effect, including 462,000 Instagram and 294,000 Facebook accounts. Why it matters: Despite the crackdown, government data and independent studies suggest more than 80% of under-16s remained on social media during the ban’s first three months, increasing pressure on Meta to improve enforcement.

Trading lower premarket after its Q2 2026 earnings report. Revenue grew by 116% year-over-year to $12.6 million, topping estimates of $10.6 million, though losses per share of $0.12 missed estimates of a $0.05-per-share loss. The company projected FY 2026 revenue around $43 million, beating estimates of $41.8 million.

Gaxos.ai posted consolidated Q2 revenue of $2.46 million, representing 35.8% quarter-over-quarter growth and 1,337% year-over-year growth. Why it matters: The company has a market capitalization of $15.04 million and a float of 10.5 million shares.