US stock futures are pointing to a higher open, with the S&P 500 futures up 0.36% and Nasdaq futures leading the gains at 0.67%. The rally comes as SpaceX and Super Micro Computer delivered strong earnings, easing concerns about the sustainability of the AI investment boom. SpaceX reported a 161% jump in Q3 revenue to $14.58 billion, swinging to a $4.4 billion profit from a $1.1 billion loss last year. Elon Musk also hinted at a potential deal to unite SpaceX and Tesla.
Super Micro Computer raised its fiscal Q1 revenue forecast to $18.5 billion, $19.5 billion, up from a previous range of $14.5 billion, $15.5 billion, sending its shares up 12% in pre-market trading. Meanwhile, Netflix fell 7% after reporting Q3 revenue in line with expectations at $12.87 billion, a 12% year-on-year increase.
Oil prices are rising again, with Brent crude nearing $110 a barrel amid attacks on vessels around the Strait of Hormuz. Iran has dismissed near-term diplomatic progress with the US, keeping supply concerns elevated. In currency markets, the dollar is steady, while the euro falls due to France's political uncertainty and rising bond yields. The pound is gaining after hotter-than-expected UK inflation data cemented expectations of a November Bank of England rate hike.
The S&P 500 remains above key technical support levels, with buyers eyeing a push towards fresh record highs. The index is trading at 77.40, above its 50 and 200-day moving averages, maintaining a constructive outlook.