SpaceX, AMD Earnings Follow Record Wall Street Rally

Wall Street starts Tuesday perched at record highs, with the earnings calendar rather than geopolitics now setting the tone. Monday's session was a broad rally: the Dow closed at an all-time high, the S&P 500 climbed about 1.5 percent to a record 7,600.50, and the tech-heavy Nasdaq Composite surged 2.1 percent as Amazon became the newest member of the 3 trillion dollar club. Futures are pointing modestly higher again this morning after the plunge in oil that we covered in yesterday's morning analysis eased the inflation worry hanging over the market. The focus now shifts to a heavy slate of corporate results, headlined by SpaceX's first-ever report as a public company and chipmaker AMD, both after the close. This is the morning scorecard, not an instruction to act on any asset.

Records After a Monday Surge

The week opened with a powerful risk-on move. The S&P 500 rose about 1.5 percent to 7,600.50, the Dow gained 1.3 percent to a record, and the Nasdaq Composite jumped 2.1 percent as megacap technology did the heavy lifting. The standout was Amazon, which topped a 3 trillion dollar market value for the first time, joining the small handful of companies to clear that mark. The catalyst was the same one driving crude lower: President Trump's decision to pause a planned strike on Iran and reopen talks drained the war premium from oil, easing the near-term inflation impulse and lifting the growth outlook. This morning, US stock futures are edging higher again, with S&P 500 and Dow futures up around 0.2 percent, suggesting the market wants to build on the move rather than fade it.

SpaceX Faces Its First Public Test

The most closely watched release of the day is a debut. SpaceX delivers its first-ever quarterly earnings as a public company after the close, giving investors their first look at audited results for a three-segment business spanning space, satellite connectivity and, following the February integration of xAI and X, artificial intelligence. Analysts will focus on Starlink profitability and its customer mix, AI capital-expenditure plans and expected returns, and launch cadence including Starship progress. The timing adds weight: the report lands just two trading days before an August 6 lock-up expiration that frees roughly 20 percent of eligible insider and employee shares, about 911.5 million shares, so management's outlook will be parsed closely. Morgan Stanley has reiterated a 300 dollar target into the print. Track the schedule on our economic calendar.

AMD Headlines a Heavy Earnings Slate

The chip sector takes center stage after the bell. AMD reports second-quarter results, having guided to about 11.2 billion dollars in revenue, which would mark roughly 46 percent growth from a year earlier, with analysts modeling near 11.3 billion dollars and adjusted earnings around 1.61 dollars a share. The key lines to watch are MI350 AI-accelerator shipments, early orders for the new Helios rack-scale systems, and the high-margin EPYC server business, all in the wake of AMD's recent Anthropic supply agreement. Options pricing implies a move of roughly 12 percent in either direction after the release, a reminder of how much is riding on the AI narrative. AMD does not report alone: Caterpillar, McDonald's and BP feature before the open and HSBC and Spotify also report, offering a broad read across industrials, consumer and energy. With most of the S&P 500 already through earnings season and the majority beating estimates, this slate tests whether the strength has more room to run.

Oil Steadies and Gold Holds

After Monday's sharp reset, commodities are calmer. West Texas Intermediate is steadying near 80 dollars, stabilizing after tumbling about 6 percent on Monday when the Iran de-escalation and an OPEC+ output increase drained the risk premium that had built through late July. The pause suggests the market has largely repriced the immediate geopolitical threat and is now waiting on supply-and-demand fundamentals for its next cue. Gold is broadly flat near 4,064 dollars, down about 0.1 percent, as the safe-haven bid stays subdued in the calmer geopolitical backdrop. The metal remains historically elevated after its long run, and Friday's July jobs report is the next macro catalyst that could revive or further trim the bid. For now, both are consolidating rather than trending.

Crypto Softens and What to Watch

Digital assets are quiet and mixed. Bitcoin trades near 63,600 dollars, up about half a percent and holding the low 63,000s, while Ether has slipped roughly 1.3 percent to near 1,853 dollars, back below 1,860 and once again lagging Bitcoin. Live levels and ETF-flow data sit on the ThriveInMarkets homepage. Three things frame the session, none a prediction or an instruction to trade. First, the SpaceX debut, whose first public numbers and outlook will shape sentiment around the newest megacap listing and its August 6 lock-up. Second, AMD and the chip complex, the clearest read on whether the AI trade can keep powering the indexes to fresh highs. Third, the run-in to Friday's July jobs report, the week's biggest macro catalyst for the rate outlook. Follow the play-by-play on Market Insights.

ThriveInMarkets publishes market commentary for general information only and does not provide personal investment advice. The S&P 500 figure is the Monday, August 3 record cash-session close with ES futures noted as overnight; crypto, gold and oil figures are live prints as of 08:00 UTC Tuesday, August 4. Earnings dates and times are scheduled events subject to change. Levels and scenarios cited are technical reference points, not instructions to buy or sell any asset.