【US Pre-Market】Three Major Index Futures Rise as Microsoft Jumps Over 9% and Meta Slumps While Market Awaits PCE and GDP Data

TradingKey - On Thursday, July 30, Eastern Time, futures on the three major US stock indexes rose in unison premarket. Microsoft's strong earnings eased market concerns over returns on AI capital expenditures, driving Nasdaq 100 futures to lead the gains; however, Meta ( META ) and Qualcomm ( QCOM ) and other stocks weakened post-earnings, while long-term US Treasury yields remained elevated, and the situation in the Middle East continued to keep the market cautious.

As of press time, Dow futures rose 0.49%, S&P 500 futures rose 0.67%, and Nasdaq 100 futures rose 1.36%.

Performance of the three major US stock index futures, Source: Investing

In commodities, gold ( XAUUSD ) rose 0.35% to around $4,080; international oil prices edged down slightly after surging in the previous trading session, with WTI ( USOIL ) crude fell about 1% to around $83.7; Brent crude ( UKOIL ) fell about 0.93%, remaining above $87. Following renewed escalation in the conflict between the US and Iran, the market continues to focus on risks to the Strait of Hormuz and Middle East energy transit.

In cryptocurrencies, Bitcoin ( BTC ) fluctuated around $64,600. After the Federal Reserve sent hawkish signals, risk appetite has not fully recovered, but the rebound in tech stocks triggered by Microsoft's earnings provided some support to crypto market sentiment.

Market Movers

Microsoft ( MSFT) rose more than 9% in pre-market trading. The company's fourth-quarter revenue was $90 billion, up 18% year-over-year; diluted earnings per share was $4.81, up 32% year-over-year. Microsoft Cloud revenue reached $59.3 billion, up 27% year-over-year; Azure and other cloud services revenue grew 43%. The company stated that Azure revenue exceeded $100 billion for the first time in fiscal year 2026, and Microsoft 365 Copilot paid seats exceeded 30 million, with the strong cloud performance boosting market confidence in its AI commercialization capabilities.

Meta fell more than 8% in pre-market trading. The company's second-quarter revenue was $60.8 billion, up 28% year-over-year, but net income fell 14% year-over-year to $15.85 billion, and earnings per share declined to $6.18. Meta expects third-quarter revenue to be between $61 billion and $64 billion, while raising its full-year expense outlook to $165 billion to $169 billion, and expects 2026 capital expenditures to be $130 billion to $145 billion. High expenses and the pressure of AI investments were the primary reasons for the pre-market stock decline.

Qualcomm fell more than 5% in pre-market trading. The company's third-quarter revenue was $9.9 billion, and non-GAAP earnings per share was $2.21. Although the automotive and IoT businesses continued to grow, the company noted that the memory and supply environment remains challenging, putting pressure on phone-related businesses. The market is concerned about the pace of recovery in smartphone demand as well as the impact of cost pressures on profit margins.

Starbucks ( SBUX) rose more than 6% in pre-market trading. The company's third-quarter adjusted earnings per share was $0.85, beating market expectations; global same-store sales grew 7.9%, outperforming the market expectation of 5.7%. The company also raised its full-year outlook, expecting full-year same-store sales growth of approximately 6%, as the market believes its North American store renovations, product innovations, and operational improvements are driving a recovery in customer traffic.

Market News

The Fed kept interest rates unchanged, but internal division widened. At its July meeting, the Fed maintained the target range for the federal funds rate at 3.50% to 3.75%, but three officials voted to raise rates by 25 basis points. Following the meeting, long-end Treasury yields continued to rise, with the 30-year Treasury yield climbing to near its highest level since 2007.

The US will release second-quarter GDP and June PCE data today. The US Bureau of Economic Analysis will release the advance estimate of second-quarter GDP and the personal income and outlays report for June at 8:30 a.m. Eastern Time on Thursday. The market expects second-quarter GDP to grow at an annualized rate of 2.1%, and core PCE year-on-year growth to slow from 3.4% to 3.3%.

Tensions in the Middle East continue to disrupt energy markets. Following the flare-up of military conflict between the US and Iran, the market is focusing on the security of energy facilities in the Gulf region, the Strait of Hormuz, and shipping in the Red Sea. Oil prices fell back slightly after surging in the previous session, but remain within their recent high range.

Apple ( AAPL) and Amazon ( AMZN) will report earnings after the close. The market is focusing on Apple's iPhone 17 sales, memory cost pressures, and performance in China, as well as Amazon's AWS growth, AI infrastructure capital expenditures, and retail margins.

Major Data and Events Preview

At 8:30 AM ET on July 30, the U.S. will release the preliminary second-quarter GDP data, with the market expecting annualized growth of 2.1%, compared to the previous reading of 2.1%.

At 8:30 AM ET on July 30, the U.S. will release the June PCE price index, core PCE price index, personal income, and personal spending data.

At 8:30 AM ET on July 30, the U.S. will release the initial jobless claims, with the market expecting 201,000, compared to the previous reading of 187,000.

After the market close on July 30 ET, Apple, Amazon, Coinbase ( COIN ), Rivian ( RIVN) and other companies will release their earnings reports.