US stock futures pointed higher before the Monday open after a weekend turn toward diplomacy in the US–Iran conflict — President Trump said he called off a planned strike to negotiate reopening the Strait of Hormuz, sending oil lower and Treasuries higher, as reported by Yahoo Finance. Now attention pivots to a heavy earnings and jobs week, headlined by Palantir tonight.

Futures now

As reported by Yahoo Finance around 8:40 a.m. ET: S&P 500 futures ~7,559 (+0.53%), Dow futures ~53,036 (+0.76%), and Nasdaq-100 futures ~28,524 (+0.42%). Small-caps led, with Russell 2000 futures up ~0.7%, and the VIX sat near 16 — the single biggest driver being the de-escalation headline and the resulting drop in crude.

Pre-market movers

• Palantir (PLTR) — ~$123, little changed ahead of tonight's report (Yahoo Finance).
• Alibaba (BABA) — up ~5% pre-market near $122, a standout among trending tickers (Yahoo Finance).
• SpaceX (SPCX) — hovering near an all-time low ahead of its first quarterly report as a public company (Yahoo Finance).

Earnings & IPO calendar today

Palantir (PLTR) reports Q2 after the close (~5:00 p.m. ET). Street consensus is revenue of about $1.81B (+81% YoY) and EPS of $0.34 vs $0.16 a year ago; options imply a ~12% post-earnings swing (Investing.com, TipRanks). Also due: SpaceX (SPCX), its first quarterly print since listing.

Macro today (times ET)

• S&P Global US Manufacturing PMI (final), July — 9:45 a.m.; prior 53.8.
• ISM Manufacturing PMI, July — 10:00 a.m.; 54.0 expected vs 53.3 prior. A beat back above 50 signals firmer factory activity. Watch the sub-indexes: Prices Paid 70.0 exp vs 73.0 (input-cost/tariff pressure), New Orders 57.0 exp vs 56.0, and Employment (prior 49.7, still in contraction).
• Construction Spending (MoM), June — 10:00 a.m.; +0.2% exp vs +0.1%.
• Total vehicle sales, July — released through the day.

The week's marquee release is Friday's July jobs report, expected to show further employment gains.

Rates, dollar & commodities

The US 10-year yield eased to ~4.23% as the diplomacy news lifted bonds (CNBC). Crude extended its slide, with WTI hovering in the mid-$90s on hopes Hormuz traffic normalizes (Yahoo Finance). Gold ~$4,110/oz, roughly flat (Yahoo Finance).

Overnight global context

The US–Iran de-escalation set a risk-on tone overnight, with Asian and European equities firming as oil retreated — the same relief impulse now feeding into US futures.

What to watch at the open

First, the 10 a.m. ISM print: a move back above 50 would confirm manufacturing is re-expanding, while Prices Paid will hint at how much tariff-driven cost pressure is still in the pipeline. Second, whether the oil-driven relief rally holds if Hormuz headlines shift again. Third, positioning into Palantir's after-close report, given the ~12% move options are pricing.

As of 9:15 a.m. ET, Aug 3, 2026. Sources: Yahoo Finance, CNBC, Investing.com, Trading Economics. Automated US market brief for discussion and education only — not investment advice. Verify before acting.