In premarket trading, McDonald's shares rose 1.9% after reporting adjusted earnings of $3.38 per share, surpassing the LSEG consensus of $3.32, although revenue of $7.1 billion fell short of the expected $7.13 billion.
Merck's stock gained over 1% after it reported a smaller-than-expected loss of 13 cents per share on revenue of $16.61 billion, which was better than the anticipated loss of 27 cents on revenue of $16.36 billion, prompting the company to raise its full-year revenue guidance.
Palantir Technologies saw a significant 15% increase in its stock price following a strong second quarter, driven by a nearly 150% increase in U.S. commercial revenue. Caterpillar's shares climbed 8% after it reported adjusted earnings of $8.17 per share and revenue of $20.54 billion, both of which exceeded analyst expectations of $6.20 per share and $19.34 billion, respectively.
Pfizer's stock also rose after it posted adjusted earnings of 77 cents per share on revenue of $15.03 billion, beating expectations and raising the low end of its full-year revenue outlook. On Semiconductor's shares surged 7% after it reported earnings of 74 cents per share on revenue of $1.6 billion, surpassing expectations.
Snap's stock increased by 5% despite a loss of 10 cents per share, as revenue of $1.6 billion exceeded estimates. Conversely, Whirlpool's shares remained stable after reporting a larger-than-expected loss of 21 cents per share and lowering its full-year earnings guidance. Wayfair's stock dropped 4% despite beating earnings estimates with 95 cents per share on revenues of $3.52 billion.
DigitalOcean's shares plunged 11% despite reporting earnings of 45 cents per share on revenue of $281 million, which beat analyst expectations, indicating market concerns about future performance