With Defense (ITA) up 2.7%, this looks like a sector-led move rather than a company-specific surprise.
The aerospace and defense sector is experiencing a significant pre-market rally, with the ITA ETF up over 2.5%. This move is likely driven by positive sentiment following strong after-hours earnings from Palantir, a software company with significant defense contracts. Additionally, there is high anticipation for SpaceX's first-ever earnings report as a public company, which is scheduled for release after the market closes today, August 4th. This major event for the sector is attracting investor attention and likely contributing to the bullish sentiment.