U.S. stock futures rise as SpaceX surges on upbeat earnings

U.S. stock futures rose on Tuesday evening, led by Nasdaq futures, as SpaceX shares surged after the company reported stronger-than-expected quarterly results, while investors looked ahead to further corporate earnings.

S&P 500 Futures inched 0.3% higher to 7,776.75 points, while Nasdaq 100 Futures climbed 1% to 29,955.75 points by 21:25 ET (01:25 GMT). Dow Jones Futures were largely unchanged at 52,699.0 points.

SpaceX (NASDAQ:SPCX) shares jumped more than 8% in extended trading after the Elon Musk-led company reported third-quarter earnings. Revenue surged 161% year-on-year to $14.58 billion, beating analysts' expectations, while net income reached $4.4 billion, compared with a loss of $1.1 billion a year earlier.

The results highlighted growing demand for computing capacity linked to artificial intelligence, although the business also required substantial investment. SpaceX's AI revenue climbed more than ninefold.

Netflix (NASDAQ:NFLX) shares fell 6% after its results pointed to slowing revenue growth, while Super Micro Computer (NASDAQ:SMCI) surged 16% after forecasting quarterly revenue and gross margins well above its previous guidance.

The after-hours gains followed a mixed session on Wall Street, where the Dow Jones Industrial Average rose 1%, and the S&P 500 gained 0.3%, while the Nasdaq Composite edged down 0.02%.

A pullback in oil prices on Tuesday helped support broader equities after crude had climbed to six-month highs amid concerns about Middle East supply disruptions.

Attention now turns to Wednesday's earnings from Tesla Inc (NASDAQ:TSLA) and Meta Platforms Inc (NASDAQ:META).

The results are likely to be closely scrutinised after recent concerns over financing costs and the returns on massive AI investments.