S&P 500, Nasdaq, Dow Futures Ease As Oil Rally Tempers AI Optimism Ahead of Big Tech Earnings: SMCI, OKLO, XE, SKHY, GOOG In Focus

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Oil prices surged to a five-week high, with Brent crude prices jumping over $92 a barrel amid the war with Iran.Alphabet, Tesla, and Intel are among the most noteworthy names reporting Q2 results this week.Meanwhile, chip stocks continued to climb higher on Tuesday, with major semiconductor companies ending the session in the green. U.S. stock futures slipped in overnight trading late Tuesday as rising oil prices, driven by an escalation in the U.S.-Iran conflict, dampened optimism ahead of what investors expect to be a strong slate of Big Tech earnings later this week.Among the marquee names reporting second-quarter results this week are Alphabet Inc. (GOOG, GOOGL), Tesla Inc. (TSLA), and chip giant Intel Corp. (INTC).Nasdaq-100 futures fell 0.21%, Dow futures were down 0.10%, and S&P 500 futures declined 0.11% at 9:37 PM EDT. Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ), and the SPDR Dow Jones Industrial Average ETF Trust (DIA) all edged lower at the time of writing. The iShares 20+ Year Treasury Bond ETF (TLT) was also down 0.08% amid ‘neutral’ sentiment.How Did US Markets Fare On Tuesday?U.S. stock markets ended Tuesday in the green, bolstered by a climb in chip companies and strong earnings from companies. The Nasdaq Composite led the climb, adding about 329 points to close up 1.29 higher. The S&P 500 followed, ending the session 0.89% up; the Dow Jones Industrial Average gained 0.74% at close. IndexMoveCloseDow Jones Industrial Average0.74%52,224.64S&P 5000.89%7,509.20Nasdaq Composite1.29%25,837.21US Market DriversWhile semiconductor stocks and market-beating earnings were in the spotlight on Tuesday, escalating tensions in the Middle East sent oil prices to a five-week high, with Brent crude prices jumping over $92 a barrel even as mediators are proposing a new 10-day ceasefire aimed at reopening the Strait of Hormuz.“CENTCOM forces began striking military targets in Iran at 7 p.m. ET today for the 11th consecutive night. The strikes are designed to continue degrading Iran's ability to threaten commercial shipping in the Strait of Hormuz,” the U.S. Central Command said in a post on X.Meanwhile, Iran’s State News Agency said that the U.S. has issued threats to strike the country’s nuclear facilities and other critical installations.“It is made clear that should the invading and terrorist forces of that nation take such a step, it will be regarded as an escalation of conflict across the region,” it said in a post on X. “In that event, all US assets, along with those of its allies and backers, will be subject to a decisive strike by the Islamic Republic of Iran's Armed Forces.”Despite the rising tensions, stock markets climbed higher at the close on Tuesday. Lindsey Bell, chief investment strategist at 248 ⁠Ventures in Charlotte, North Carolina, reportedly told Reuters that investors are looking at the war as transitory “because we know two things — that $100 oil is a pressure point for Trump, and we also know that midterm elections ​are coming up." Photon Capital attributed the rise in U.S. market indexes to the blockbuster performance of semiconductor stocks. “The key is ‘chip’,” it said in a post on X, noting that the Dow had added nearly 400 points and the S&P 500 had snapped a three-day losing streak.Nvidia Corp. (NVDA) climbed nearly 2% higher, while Micron Technology Inc. (MU) surged over 13%. Advanced Micro Devices Inc. (AMD), Broadcom Inc. (AVGO), and Intel Corp. (INTC) also gained at the close. The VanEck Semiconductor ETF (SMH) jumped 4.52%, its strongest performance in over a month. Meanwhile, the iShares Semiconductor ETF (SOXX) closed up 5.45%.On the earnings front, 3M Co. (MMM) and General Motors Co. (GM) posted top- and bottom-line estimates that beat Wall Street expectations. Markets will be watching closely for prints from Alphabet, Tesla, Intel, and International Business Machines Corp. (IBM), among others, this week, and strong results are likely to stoke investor optimism further. "The ​numbers are going to be really good, but the stocks are also priced for perfection," Bell told Reuters. Trending Stocks To Watch Super Micro Computer Inc. (SMCI): The server maker’s shares jumped nearly 18% in extended trading hours after the company’s preliminary results showed that its backlog hit a record in the quarter. Oklo Inc. (OKLO), X-energy Inc. (XE): The nuclear energy companies’ shares jumped at the close and continued gaining overnight after they joined a federal initiative led by the Trump administration to fast-track nuclear power plants for AI data centers. SK Hynix Inc. (SKHY): The Korean chipmaker was on the retail radar ahead of its July 29 earnings and the launch of an ADR conversion mechanism, which is expected to narrow the premium between its U.S.-listed ADRs and Seoul-listed shares.Alphabet Inc. (GOOG): The tech giant is in focus ahead of Wednesday's earnings as investors weigh a delay to its Gemini 3.5 Pro AI model against concerns over returns from its heavy AI infrastructure spending.Global Market Trends Crude oil prices surged higher on Tuesday, with Brent crude futures expiring in September up about 1.68% to $92.54 per barrel at the time of writing. Meanwhile, WTI crude futures expiring in August were at $84.91 per barrel.Yields on the 10-year Treasury climbed to 4.634% at the time of writing, while spot gold prices were also trading higher at $4,121.39 per ounce. Economist Peter Schiff noted the rising oil prices and Treasury yields in a post on X, saying, “These trends will likely continue and are bearish for the economy and corporate earnings. How much longer can stock investors ignore this?”Meanwhile, Asian markets were trading mixed at the open on Tuesday, with South Korea's KOSPI and Japan’s Nikkei 225 rising at the time of writing. China’s SSE Composite declined at the open, while Australian stocks edged higher. For updates and corrections, email newsroom[at]stocktwits[dot]com.

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Brent crude surged past $92 a barrel to a 5-week high amid the fallout from the war with Iran, while S&P 500, Nasdaq, and Dow futures trended downward. Meanwhile, major semiconductor stocks showed strength and closed higher in the previous session, with caution entering the market ahead of upcoming earnings announcements from big tech companies like Alphabet, Tesla, and Intel. Investors are closely monitoring the impact of soaring oil prices and Middle East geopolitical risks on the market while focusing on big tech earnings reports.

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