Futures linked to the major U.S. stock averages point up ahead of a raft of company results this week. Elon Musk’s SpaceX and xAI merge in a deal valuing the combined company at more than $1 trillion. Palantir reports record quarterly revenue, sending a software stock that has struggled so far this year spiking in extended hours trading. Market sentiment is bolstered by a recovery in gold prices after a steep selloff in bullion, while oil slips on signs of easing tensions between the U.S. and Iran.

1. Futures higher

U.S. stock futures were trading higher on Tuesday, as investors geared up for a stream of corporate earnings.

By 02:33 ET (07:33 GMT), the Dow futures contract had added 34 points, or 0.1%, S&P 500 futures had climbed by 19 points, or 0.3%, and Nasdaq 100 futures had gained 143 points, or 0.6%. The main averages on Wall Street advanced in a volatile session on Monday, with equities stateside bolstered by a jump in artificial intelligence-exposed chipmaker shares.

Google-owner Alphabet also surged to a new all-time high, while Amazon crept up by 1.5%. Both of the tech giants are due to report quarterly returns this week.

Meanwhile, sentiment has been boosted by President Donald Trump’s decision to lower import tariffs on India to 18%. The levies were previously the highest on any U.S. trading partner.

In Washington, the House of Representatives is due to vote on legislation to end a partial government shutdown later today. The latest federal closure led to the postponement of the upcoming monthly nonfarm payrolls report, which was initially slated to be released on Friday.

Still, new data showed that U.S. factory activity expanded for the first time in a year last month.

2. SpaceX to acquire xAI

Elon Musk’s SpaceX has acquired xAI in a deal valuing the combined entity at $1.25 trillion.

The move comes as Musk, the tech tycoon behind electric vehicle maker Tesla, has targeted dominance in fields ranging from space exploration to AI and robotics.

SpaceX, known for its reusable rockets and massive satellite fleet, and xAI — the company behind AI assistant Grok — are two of the world’s most closely-tracked private companies. A much-anticipated public listing of SpaceX could come as soon as this year, while xAI was given a $230 billion valuation in a fundraising round in January.

Shares of the new firm are expected to be priced at $526.59 apiece, Bloomberg News reported, citing people familiar with the matter.

3. Palantir posts record quarterly revenue

On the earnings front, shares of Palantir were higher in extended hours trading, but pulled back slightly from earlier gains.

The data analytics group posted record revenue of $1.41 billion in the last three months of 2025, underpinned by soaring demand from both government and corporate customers for its AI-enhanced tools.

Revenue jumped by 70% versus a year earlier, topping Wall Street expectations. Net income of $609 million was also at an all-time high.

Despite benefiting from a spike im enthusiasm around AI, Denver-based Palantir’s share price has slipped so far this year, reflecting a broader reversal in software stocks. The company’s work with the Trump administration, especially in aiding its immigration enforcement activities, have drawn sharp scrutiny from both former employees and lawmakers as well.

Elsewhere on the earnings calendar, drug company Pfizer is expected to unveil returns before the start of U.S. trading, while AI semiconductor name Advanced Micro Devices is scheduled to report after the closing bell.

4. Gold steadies

In commodities, gold prices rose, as the yellow metal steadied from two days of deep falls, helping calm investor jitters following a bout of heavy volatility.

Spot gold last surged 5.8% to $4,931.60 an ounce, while gold futures for April rose 6.5% to $4,954.04/oz.

Bullion had slumped as low as $4,400/oz on Monday, shedding nearly $1,200/oz from an all-time peak notched last week.

Metals were hit by a heavy dose of profit-taking after President Trump nominated former Federal Reserve governor Kevin Warsh as the next chairman of the central bank. The nomination cleared out a major point of uncertainty for investors, sapping some safe haven demand, and Warsh is viewed as a potentially less dovish pick than markets were anticipating. Gold tends to perform better in a low interest rate environment.

Despite the correction, gold’s fundamental story remains unchanged, analysts at ING said in a note.

“The structural drivers — elevated geopolitical risk, macro uncertainty, diversification flows and ongoing central‑bank buying — remain firmly in place,” the analysts including Warren Patterson and Ewa Manthey wrote.

Away from gold, silver futures, which sank to its steepest one-day slide ever on Friday, also spiked.

5. Oil falls

Oil prices slipped lower, easing for a second day, as a de-escalation in U.S.-Iran tensions removed some of the risk premium attached to the crude market.

Brent futures dropped 0.6% to $65.91 a barrel and U.S. West Texas Intermediate crude futures dipped 0.5% to $61.80 a barrel.

The benchmarks fell more than 4% during the previous session after President Trump said Iran was “seriously talking” with Washington, signaling a de-escalation of tensions with the OPEC member.

Iran and the U.S. are expected to resume nuclear talks on Friday in Turkey, Reuters has reported.

Also weighing on prices, the U.S. dollar index hovered near its highest in more than a week, hitting demand for dollar-denominated crude from foreign buyers.