Y’all Street Daily
Elon Musk’s rocket company reports its first quarterly numbers as a public company after the bell, the headline act in a heavy night of AI earnings.
Market Snapshot
All figures are indicative opening levels as of this morning, August 4.
Equities are extending Monday’s record run, with megacap tech out front as traders position ahead of a packed after-hours earnings slate.
The dollar is sitting flat near 100 and the VIX is drifting lower around 15.8, a sign the bid is broad rather than fragile.
Tech and a closely watched market debut are driving the stocks in the news today.
SpaceX trades up around 2% to $116.93 into its first-ever earnings report, Palantir is the standout up around 16.6% premarket after a large guidance raise on sovereign AI demand, and AMD trades up around 5% into tonight’s print.
Main Story
For the first time, Wall Street gets to look inside SpaceX.
- SpaceX reports its first quarterly results as a public company after the close tonight, roughly two months after the largest IPO in history raised around $85.7 billion in June.
- The mainstream read is that this is a make-or-break print for a stock that ran to around $225 out of the gate and has since given back nearly half of that, with investors wanting proof that Starlink profitability and launch cadence can carry the valuation.
- What the market may be underpricing is the AI segment: after folding xAI and X into the business in February, SpaceX is now a three-part story spanning space, connectivity and AI, and tonight is the first time management has to put real numbers and guidance behind the capital it is spending.
Chart of the Day
SpaceX is the chart that matters today.
The stock jumped out of its June IPO and ran to a peak near $225.64 before sliding through July to a low around $104.83, and it is changing hands near $116.93 in premarket into tonight’s report.
That leaves it well below its debut highs and still under the $150 IPO price, so the numbers land with the stock already priced for disappointment.
Technical Trading
A few levels traders are watching after the move.
- SPCX has support around the $104 to $105 area that marked the recent low, with the $150 IPO price the first real overhead resistance on any relief rally.
- The S&P 500 is pressing record territory around 7,600, and veteran chartist Peter Brandt has flagged a possible exhaustion gap even while holding an 8,000 year-end target.
- Gold is holding the $4,000 to $4,030 zone, with bulls needing a weekly close above $4,320 to signal a fresh leg higher.
Global News
- SpaceX reports its first results as a public company after the close, with the webcast set for 3:30 p.m. Central and focus on Starlink margins, launch economics and AI spending.
- Palantir raised full-year revenue guidance to around $8.15 billion, citing surging demand for sovereign AI.
- AMD reports after the bell, with options pricing implying a move of roughly 12% on its AI accelerator numbers.
- Oil fell around 6% to around $79.62 after Washington paused a planned strike on Iran and opened talks aimed at reopening the Strait of Hormuz.
- The Strait of Hormuz remains largely shut, and Iran is negotiating with Oman on a temporary corridor for up to five million barrels a day.
Texas News
Tonight’s SpaceX report carries extra weight in Texas, where the company’s Starbase operation on the Gulf Coast has become a growing source of high-skilled jobs and supplier activity.
Any guidance on launch cadence and hiring will be read closely across the state’s expanding aerospace corridor.
Looking Ahead
Tuesday, August 4: SpaceX and AMD headline a heavy earnings slate after the close, the next real test for the AI trade.
Wednesday, August 5: Traders look for any sign that US and Iran talks are actually progressing on Hormuz.
Friday, August 7: The July jobs report lands, the week’s biggest macro read for the Fed’s rate path.
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Prices from Yahoo Finance, CNBC and Fortune. Technical levels from Investing.com and FXStreet. News from Reuters, Al Jazeera and CNBC.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.
