Nasdaq Futures Rise as Palantir and ON Semiconductor Signal Strong Demand

Nasdaq futures rose on Tuesday as investors welcomed strong forecasts from Palantir and ON Semiconductor, which signaled robust demand for AI-driven technologies.

Palantir Technologies led the gains after raising its annual revenue forecast by 17.2%, while On Semiconductor added 7.5% following a quarterly revenue forecast above expectations.

The results came as investors scrutinized earnings from AI-linked companies, seeking signs that their multi-billion dollar investments were yielding returns. Strong performances from Microsoft and Amazon last week had already provided some relief.

This earnings season has seen 85.2% of S&P 500 companies beat estimates, exceeding the long-term average of 67.5%. Big names reporting on Tuesday include Merck, Pfizer, Caterpillar, Marathon Petroleum, and McDonald's, which will face scrutiny in light of a cyclosporiasis outbreak.