US stock index futures rose on Tuesday as strong earnings from AI-linked companies like Palantir Technologies (+16% premarket) and ON Semiconductor (+7.6%) reassured investors. Caterpillar surged 7.5% after doubling its Q2 profit, signaling industrial resilience. The S&P 500 nears its first record high since June, with 85.2% of S&P 500 companies beating earnings estimates—exceeding the long-term average of 67.5%. AI stocks like Nvidia (+1%) and Marvell (+8.5%) gained ground, while Snap jumped 6.8% on ad revenue growth.

Economic data, including the June job report and Fed rate outlook, remains in focus amid Middle East tensions and elevated crude prices. Traders see a 63.4% chance of a rate hike next month, per the CME Fed Watch Tool. Market strategists note momentum-driven sectors may overshoot, but fundamentals remain strong.