US stocks-S&P 500, Dow futures inch up as MidEast hopes offset SpaceX, AMD drag

Elon Musk-led SpaceX's revenue nearly doubled and operating losses narrowed in its first earnings report since going public, fueled by its booming Starlink satellite communications and AI businesses.

But the rocket company's shares slid 10% in premarket trading after executives flagged the spending spree underpinning its lofty ambitions were far from over. Shares could face additional pressure from the expiry of the stock's post-IPO lock-up period starting on Thursday. Musk's other company, Tesla, slipped 0.8%.

Advanced Micro Devices forecast quarterly revenue above estimates, reflecting strong AI demand. However, shares slipped 8.1%, suggesting investors were looking for a stronger outlook to justify the stock's 142% jump this year.

Rival Nvidia's shares, which have lagged AMD this year, rose 1.9%, also underpinned by SpaceX's plans to use the company's hardware exclusively to build its data centers.