Palantir is gapping more than 15% higher after Q2 revenue nearly doubles to $1.94 billion and management lifts 2026 revenue guidance to roughly $8.15 billion. U.S. commercial demand and government revenue are both accelerating. Why it matters: PLTR is the cleanest AI-software proof point on the tape. What to watch: whether the open holds above the initial gap and how management frames AI-sovereignty demand.

Caterpillar is gapping 7.6% higher after Q2 earnings of $8.17 a share and revenue of $20.5 billion clear estimates, with power and energy demand tied to AI data centers doing the heavy lifting. Why it matters: CAT is turning AI infrastructure spending into a Dow industrial earnings story. What to watch: generator backlog, margin durability, and any comment on data-center permitting risk.

onsemi is trading about 6% higher after Q2 revenue of $1.604 billion and adjusted EPS of 74 cents beat estimates, while Q3 guidance points to sequential improvement. Management highlights AI data-center revenue as a faster-growing power-solutions driver. Why it matters: ON gives the AI trade a power-semiconductor read-through beyond GPUs. What to watch: Q3 midpoint, automotive demand, and Synaptics integration commentary.

Spotify is trading 6.2% lower after Q2 earnings miss expectations even as premium subscribers reach 300 million. Revenue and users grow, but operating expense and Q3 operating-income guidance are not enough for a stock still priced for execution. Why it matters: SPOT tests whether subscription growth can offset profitability sensitivity in high-multiple internet names. What to watch: ad trends, AI/cloud spending, and premium-user guidance.

Snap is trading nearly 9% higher after its Q2 loss narrows, revenue beats at about $1.6 billion, and daily active users reach 493 million. The company is also getting credit for cost discipline and advertising progress. Why it matters: SNAP is a high-beta social-advertising read on whether smaller platforms can stabilize growth. What to watch: Q3 revenue guide, ad-load quality, and teen-safety regulatory headlines.

AMD is trading lower ahead of tonight's Q2 report even as consensus looks for roughly $11.3 billion of revenue and a sharp EPS increase. A recent Core Scientific partnership gives AMD dedicated AI infrastructure capacity, but the tape is cautious into the print. Why it matters: AMD is the post-close test for AI GPU, EPYC server, and capex-return expectations. What to watch: MI350 demand, Helios timing, and data-center margin guidance.

SpaceX is scheduled to deliver its first quarterly report as a public company after the close, keeping the June IPO and satellite-internet trade active. Analysts are focused on Starlink growth, launch cadence, and post-listing valuation. Why it matters: SPCX is a new retail-attention benchmark for space infrastructure and private-market liquidity. What to watch: Starlink subscribers, free-cash-flow trajectory, launch backlog, and any Tesla-related speculation response.

Prologis agrees to buy U.K. warehouse rival Segro for about $18.8 billion in mostly stock, with Segro holders receiving Prologis shares and a partial cash alternative. PLD is indicated near steady before the open. Why it matters: the deal expands Prologis's European logistics and data-center exposure. What to watch: shareholder approval, regulatory timing, and whether U.S. industrial REIT multiples firm.

Merck is trading modestly higher after a cleaner-than-feared Q2: sales reach about $16.6 billion, Keytruda remains resilient, and Winrevair grows sharply, while acquisition charges keep the full-year profit guide lower. Why it matters: MRK is a large-cap pharma read on oncology durability before the 2028 Keytruda patent cliff. What to watch: Keytruda Qlex uptake, Terns pipeline costs, and 9 a.m. ET call commentary.

BP's New York line is indicated higher after Q2 profit surges to about $5.7 billion, helped by elevated crude and trading conditions tied to Middle East supply disruption. The company is also shifting further toward fossil-fuel returns. Why it matters: BP connects the morning's oil rebound to a listed operating-company earnings catalyst. What to watch: asset-sale timing, debt targets, and crude's reaction to Hormuz updates.

HSBC's U.S. ADR is indicated lower even after quarterly profit jumps and the bank announces a $1 billion buyback, as investors judge the capital return against a strong 2026 run. Wealth and corporate banking are supporting results. Why it matters: HSBC is a global-bank read on rates, Asia wealth, and buyback expectations. What to watch: capital ratio detail and Hong Kong rate sensitivity.