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* Futures up: Dow 0.06%, S&P 0.07%, Nasdaq 0.45%

Aug 4 (Reuters) - Nasdaq futures rose on Tuesday after

strong forecasts from Palantir ( PLTR ) and ON Semiconductor reassured

investors about AI-driven demand, while Middle East developments

and U.S. earnings were also in focus to gauge the health of

corporate America.

Palantir Technologies ( PLTR ) gained 17.2% in premarket

trading after raising its annual revenue forecast again,

signaling strong government and commercial demand for its

AI-powered data analytics software.

Chipmaker On Semiconductor added 7.5% after forecasting

quarterly revenue above expectations, betting on surging demand

for power management chips used in AI data centers.

Investors have been scrutinizing results from AI-linked

companies this earnings season for signs that their billion

dollar investments are yielding returns. Strong results from AI

leaders Microsoft ( MSFT ) and Amazon ( AMZN ) last week were a

relief and have underpinned gains on Wall Street since then.

The benchmark S&P 500 is about 21 points from hitting its

first record high since June, while the blue-chip Dow

closed at a record high on Monday for the first time since July.

Other AI-linked stocks such as Micron added 2.3%,

Nvidia ( NVDA ) rose 0.7% and Marvell ( MRVL ) rose 4.4%.

At 05:16 a.m. ET, Dow E-minis were up 34 points, or

0.06%, and S&P 500 E-minis were up 5 points, or 0.07%.

Nasdaq 100 E-minis were up 129.25 points, or 0.45%.

Overall, this earnings season has so far been better than

historical standards. Of the 304 companies in the S&P 500 that

have reported second-quarter earnings as of Friday, 85.2% have

beaten estimates, versus the long-term average of 67.5%.

Snap jumped 8.1% after beating second-quarter revenue

estimates, thanks to increased advertising spending during the

FIFA World Cup and stronger campaign activity from large

advertisers in North America.

Big names that are due to report on Tuesday include drug

makers Merck ( MRK ) and Pfizer ( PFE ), global economy

bellwether Caterpillar ( CAT ), Marathon Petroleum ( MPC ) and

fast-food giant McDonald's.

McDonald's results will be landing at a time when a

cyclosporiasis outbreak potentially linked to lettuce has grown

into the largest on record in the country, with Michigan hit

hardest.

Elon Musk's SpaceX will release its first earnings

report since its public debut after markets close. Shares were

up 1%.

ECONOMIC DATA

The focus later in the day will shift to economic data.

The Labor Department's Job Openings and Labor Turnover Survey,

scheduled at 10 a.m. ET, is expected to show the economy created

about 7.4 million jobs in June, lower than the 7.6 million in

the month before.

Other reports on factory orders and trade for June, along with

remarks by Kansas City Fed President Jeffrey Schmid could also

offer insights on the health of the economy.

Investors will parse the reports to also gauge the outlook for

interest rates at a time when the U.S.-Iran standoff in the

Middle East is keeping crude prices elevated, while the Federal

Reserve has offered little guidance on monetary policy.

Traders see a 63.4% chance that the central bank will hike

rates by at least 25 basis points when it meets next month, the

CME FeWatch Tool showed.