Nasdaq, S&P 500 Futures Climb After SpaceX’s Blowout Quarter: SMCI, NFLX, GE Stocks In Focus

• Elon Musk’s space company reported its first quarterly profit since going public in June, driven mainly by growth in its superintelligence segment.

• Netflix stock tanked nearly 6% in overnight trading after its forecast disappointed markets; 3M stock closed nearly 6% up after beating Wall Street estimates and raising its full-year outlook.

• Markets will now turn to earnings from Meta, Tesla, IBM and AT&T, slated to report results on Wednesday.

U.S. stock futures were mixed in the overnight session late Tuesday as markets await a slew of technology company earnings this week and SpaceX posted stellar third-quarter (Q3) results.

As of 10:56 p.m. EDT, Nasdaq-100 futures climbed more than 1%, and S&P 500 futures gained 0.35%. Dow futures, however, slipped about 0.01%.

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On Tuesday, the three benchmark indexes closed mixed. The Nasdaq Composite closed 0.02% lower, but the Dow Jones Industrial Average added more than 500 points, closing up more than 1%. The S&P 500 climbed 0.28% at close.

Key US Market Drivers

Earnings from marquee names, including SpaceX (SPCX) and Netflix Inc. (NFLX) dominated the narrative on Tuesday.

Elon Musk’s space company reported its first quarterly profit since going public in June, driven primarily by growth in its superintelligence segment.

SpaceX reported Q3 revenue of $14.58 billion, surging past estimates of $13 billion, and earnings per share of $0.35 against an expected $0.13.

AI-related revenue came in at $7.56 billion, surpassing Starlink’s print for the first time, partly due to the company’s August acquisition of Cursor and additions to cloud service deals.

Musk hinted that $1 trillion in revenue in 2028 could be on the cards, even as he downplayed a potential combination of SpaceX and Tesla (TSLA), despite creating special committees of independent directors to explore the possibility.

Deepwater Asset Management’s Gene Munster put the odds of a merger within two years at 95%, saying in a post on X, “The stars are lining up for Elon to fully realize his vision of $SPCX being a vertical AI company, with the odds of a $TSLA merger increasing.”

Energy stocks, including Bloom Energy (BE), Oklo (OKLO) and NuScale Power (SMR), among others, climbed in the overnight session after Musk said that power and cooling infrastructure were the actual constraints on growing “superintelligence” rather than semiconductors, boosting sentiment for the stocks amid the AI boom.