Stocks Soar as Treasury Yields Retreat; SpaceX Earnings Loom Large

The US stock market surged overnight as treasury yields retreated following the weekend's developments on Iran. The Dow Jones Industrial Average Index Futures rose by 137 points or 0.3% to trade around $53,471.

The Nasdaq 100 futures soared by 76 points or 0.3% to close at $28,967.75. Meanwhile, the S&P 500 futures edged higher by 13.75 points or 0.2% to finish around $7,642.

Heavyweight technology stocks led the rally, with Amazon surging nearly 5% to surpass a market cap of $3 trillion for the first time. Microsoft also gained 5%, Nvidia was up 3%, Meta Platform surged 6%, Alphabet rose 5%, and Tesla rallied 3.5%.

Mega earnings will set the trend for Wall Street on Tuesday, with major focus on SpaceX's first quarterly earnings since its market debut. Palantir reported a $1.94 billion revenue, registering 93% YoY growth, while its US revenue soared 115% YoY to $1.57 billion.

SpaceX shares have struggled after a brief post-IPO surge, falling roughly 50% from their record high. Consensus expects the company to report revenues of $6.7 billion in the second quarter and a loss of $0.26 per share.