US futures are clawing back Wednesday's Fed-driven rout, with the tone set by a hawkish "hold" and a sharp split in Big Tech earnings. Microsoft's cloud blowout is lifting the Nasdaq while Meta's miss drags — and Apple and Amazon report after the bell tonight.

Futures now

As reported by Yahoo Finance in premarket: S&P 500 futures +0.37% (~7,378), Nasdaq-100 futures +0.65% (~27,520) and Dow futures +0.30% (~51,918). The bounce follows Wednesday's slide, when the Dow tumbled roughly 1,153 points (-2.19%) — its worst day since April 2025 — after the Fed held rates but three officials dissented in favor of a hike, leaving traders pricing a ~72% chance of a September hike (TheStreet).

Pre-market movers

• Microsoft +~8% — Azure cloud revenue topped $100B for the first time.
• Meta -~8% — a Q2 miss revived worries about recouping heavy AI spend.
• Amazon +~3% — firming ahead of tonight's report, with AWS in focus.
• Qualcomm -~6% — soft guidance on rising memory-chip costs and smartphone/Apple headwinds (Benzinga).
• Robinhood — Q2 EPS 62c beat the 42c estimate; revenue +32% to $1.31B.

Earnings tonight

A mega-cap-heavy after-close slate: Apple (EPS est. ~$1.89; margins in focus amid memory-price hikes), Amazon (~$1.82; AWS growth vs. AI capex), plus Reddit and Coinbase.

Macro today

The 8:30 ET data landed mixed. Q2 GDP slowed to a 1.5% advance pace, below the ~2.3% expected, while the Fed's preferred gauge — core PCE — eased to +3.3% y/y (+0.1% m/m, in line) and headline PCE cooled to ~3.7% y/y. Initial jobless claims came in at 218k (below the 224k estimate), keeping the labor picture firm. Slower growth alongside still-above-target inflation muddies the hawkish Fed's path (CNBC).

Rates, dollar & commodities

Bonds are the wildcard: the 30-year yield hit a multidecade high near 5.20% and the 10-year sits around 4.69% after jumping ~10bp post-Fed. Oil eased — Brent -1.3% to ~$89.6 and WTI -1% to ~$83.6 — after Wednesday's spike on fresh US strikes on Iran, as tankers kept moving through the Strait of Hormuz. Gold traded near $4,121 (+0.6%).

Overnight & what to watch

Asian shares rebounded overnight, helping steady the US tone. At the open, watch whether the Microsoft-vs-Meta split spreads AI-capex anxiety across the mega-caps, and whether the bond rout caps the equity bounce. Tonight's Apple and Amazon prints will set sentiment into Friday.

As of 9:15 AM ET, Jul 30, 2026. Sources: Yahoo Finance, CNBC, TheStreet, Benzinga, Investing.com. Automated US market brief for discussion and education only — not investment advice. Verify before acting.