🌅 Today's Morning Call
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S&P Futures
7,654.25
▲ +9.25 (+0.12%)
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Nasdaq Futures
29,235.00
▲ +231.50 (+0.80%)
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Dow Futures
53,906.00
▲ +426.00 (+0.80%)
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10Y Treasury
4.69%
▼ -0.06%
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US Dollar
99.93
▼ -0.09 (-0.09%)
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Bitcoin
$63,793
▲ +$327 (+0.51%)
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Data as of 8:07 AM ET
Good morning! It's Tuesday, August 4, 2026, and the market is starting the session in a good mood. Futures are broadly higher, Treasury yields are easing, and the earnings calendar is delivering some genuine surprises worth your attention. From Tesla's China momentum to Palantir cementing its AI credibility, there's a lot to unpack before the opening bell. Here's what's on the table this morning.
👀 What to Watch Today
Today's session is front-loaded with earnings reactions. Palantir (PLTR) is the name everyone is talking about after a blowout Q2 report that has the stock climbing in pre-market trading. Pfizer (PFE) beat profit estimates on strong Eliquis demand, while Merck (MRK) raised its revenue outlook but trimmed profit guidance due to acquisition charges. Both pharma names will be active early.On the consumer side, Wayfair (W) is reporting its strongest U.S. growth since 2020, with free cash flow hitting multi-year highs. That's a signal worth watching for the broader home goods and e-commerce space. McDonald's (MCD) is also in focus after naming a new U.S. boss to tackle declining traffic from budget-conscious consumers.
Macro-wise, keep an eye on the dollar index sitting just under the 100 level at 99.93. A weaker DXY tends to be a tailwind for multinational earnings and commodities. Bitcoin is holding above $63,700, adding a quiet crypto subplot to the day.
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Text Me the Alerts🌏 Overnight Recap
Asian markets traded with a cautiously positive tone overnight, taking cues from the U.S. earnings wave and easing Treasury yields. The 10-year yield slipping to 4.69% gave global equity markets some breathing room, as rate-sensitive sectors found modest support heading into the European open.In Europe, sessions were generally steady with no major macro dislocations. The bigger overnight story came from the geopolitical and tech policy front. Reuters reported that the Trump administration is drafting a ban on U.S. imports of new Chinese data center components, a move that could ripple through optical and networking names like Coherent (COHR) and Lumentum (LITE).
BioNTech (BNTX) also made waves after its German headquarters lowered its full-year sales outlook, citing weaker COVID vaccine demand. That's a storyline that's been building for months, but the official guidance cut brings fresh attention to the post-pandemic vaccine landscape ahead of today's U.S. open.
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📊 Pre-Market Movers
Palantir (PLTR) is the headline pre-market mover, climbing sharply after reporting strong Q2 earnings that underscored its position as one of the clearest AI beneficiaries in the public markets. Revenue growth, expanding government contracts, and improving margins all hit the right notes. Expect heavy volume at the open.Tesla (TSLA) is drawing attention after data showed China-made EV sales surged 37.8% in July year-over-year. That marks nine consecutive months of growth in the world's largest auto market, a streak that should keep bulls engaged heading into the session. The stock has been a complex story in 2026, and this data point adds fuel to the optimistic camp.
On the downside, BioNTech (BNTX) is under pressure after cutting its 2026 sales outlook. Pfizer (PFE) and Merck (MRK) are more nuanced plays this morning. Pfizer's beat on Eliquis is a positive, while Merck's raised revenue guide versus trimmed profit view sets up a tug-of-war between bulls and bears at the open.
🔍 Today's Watchlist
- PLTR: Palantir's AI-driven earnings beat has the stock flying. Watch for institutional follow-through at the open.
- TSLA: China-made EV sales jumped 37.8% in July. Nine straight months of growth is a narrative the market will reprice.
- COHR and LITE: The proposed China data center import ban could create sharp moves in optical networking names today.
- 10-Year Treasury at 4.69%: Yields pulling back is a green light for growth and rate-sensitive names. Watch how equities respond.
- W: Wayfair's strongest U.S. growth since 2020 is worth watching as a consumer health signal for the broader discretionary sector.
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🎯 The Morning Playbook
Today's session is setting up as an earnings digestion day with a tech and pharma tilt. The macro backdrop is cooperative: futures are green, yields are easing, and the dollar is soft. That combination gives risk assets room to run if the earnings prints hold up under scrutiny once trading begins.The key theme to monitor is the divergence between AI-driven winners and legacy businesses navigating tougher consumer and demand environments. Palantir and Tesla represent the former. BioNTech and McDonald's represent the latter. That split tells you something important about where growth is actually coming from in mid-2026.
Stay patient in the first 30 minutes. Pre-market enthusiasm has a habit of getting reality-checked at the open, especially on heavy earnings days. Let the price action settle, confirm the moves are sticking, and then make your decisions with clear eyes. The information is all there this morning. Use it.
📰 Further Reading
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