Retail sentiment on Stocktwits has improved, turning ‘neutral’ on SPY, and ‘bullish’ on QQQ.
- Investor sentiment got a boost from falling crude prices amid reports that a diplomatic breakthrough could reopen the Strait of Hormuz.
- Economist Ed Yardeni said his 8,250 S&P 500 target now appears conservative.
- Traders now turn to the ADP jobs report, ISM Services PMI and earnings from Disney, Uber and Shopify, among others, today.
U.S. stock futures were marginally higher early Wednesday after a record close on Wall Street in the previous session. Reports of a nearing diplomatic deal to reopen the Strait of Hormuz have helped boost investor sentiment.
Economist Ed Yardeni noted that his year-end S&P 500 target of 8,250 now looks “conservative,” citing robust corporate earnings momentum.
As of 4:00 a.m. ET, Nasdaq futures were up 0.1%, S&P 500 and Russell 2000 futures gained 0.4%, while Dow futures rose 0.2%.
Despite the broad market momentum, retail traders remain wary. On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, has improved to ‘neutral’ from ‘bearish’ a day ago, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has flipped to ‘bullish’ from ‘bearish.’
Brent crude and WTI crude both traded lower overnight after U.S. officials indicated an agreement with Iran could be close.
Earnings Impact: SpaceX Takes Centrestage
SpaceX (SPCX): Shares plunged 9% in early premarket trade despite reporting strong revenues, as its exclusive Nvidia GPU partnership and direct-to-cell telecom push raised capex questions. Elon Musk said there is a non-zero chance of reaching $1 trillion in annual revenue by 2030, and reiterated plans to dramatically expand Starlink V3 satellite deployments.
SpaceX’s earnings call had an impact across several sectors: Telecom stocks including Verizon, AT&T and T-Mobile fell over 2% each, while satellite players like AST SpaceMobile (ASTS) saw retail traders turn bullish on potential space partnerships.
Elon Musk also warned that memory demand is growing at “200% a year,” calling hardware memory output the primary “limiting factor” for AI expansion, putting Micron (MU), SanDisk (SNDK), and SK Hynix back in the spotlight.
Advanced Micro Devices (AMD): Shares cracked 7% in early premarket trade after reporting a sharp Q2 capex surge to $808 million and losing future satellite AI chip supply to Nvidia.
Premarket Movers
Palantir (PLTR): Shares fell 2% in early premarket trade following a 30% post-earnings surge on Tuesday. Retail chatter also picked up after Michael Burry said on X that he wished he had been short “$1 trillion worth of Palantir,” while Cathie Wood’s ARK Invest trimmed its holdings following the rally.
Microsoft (MSFT) shares are in focus after 13F filings revealed Michael Burry’s Scion Asset Management completely exited its long position in the software giant, while maintaining bearish bets across several semiconductor names.
Paramount Skydance (PSKY) and Warner Bros. Discovery (WBD) face a 12-day antitrust trial scheduled for March 2, 2027, in California federal court. Meanwhile, Paramount CEO David Ellison expressed complete confidence during the earnings call, saying they expect to win at trial or reach an out-of-court resolution.
Rocket Lab USA (RKLB): Shares rose 4% in early premarket trade after landing a $397 million Space Force contract.
And silver stocks such as First Majestic Silver (AG), Hecla Mining (HL) and iShares Silver Trust (SLV) rose over 3% in early premarket trade as spot silver hit one-month highs.
Other tickers trending on Stocktwits at the time of writing included Novo Nordisk (NVO), Arista Networks (ANET), and Zeta Global (ZETA)
Other Catalysts To Watch
On the economic front, investors will be watching for the release of the ADP jobs report as well as the S&P Global Final Services PMI and ISM Final Services PMI today.
On the earnings front, Walt Disney Co (DIS), Shopify Inc (SHOP), Uber Technologies Inc (UBER), Riot Platforms Inc (RIOT) are among those reporting before the bell. Meanwhile, Block Inc (XYZ), Beyond Meat Inc (BYND), Clover Health Investments Corp (CLOV), IonQ Inc (IONQ), and SoundHound AI Inc (SOUN) are among others reporting after market close.
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