US Pre-Market, 30 July 2026: Microsoft Lifts Futures a Day After the Fed's Hawkish Hold
Sentiment: mixed S&P 500 futures: +0.70%
S&P 500 futures sit at 7,402.75, up 0.70%, and Nasdaq 100 futures at 27,764.50, up 1.55%, one session after the Federal Reserve held rates with three members voting for a hike and the Dow Jones Industrial Average fell 1,153.18 points, or 2.19%. MSFT.US trades 9.16% higher at $426.30 pre-market after fourth-quarter revenue and Azure both beat, while META.US is 10.21% lower at $525.80 on second-quarter earnings of $6.18 a share against $7.22 expected. June PCE prices then fell 0.1% on the month and slowed to 3.7% year over year from 4.1%.
Overnight drivers
- MSFT.US +9.16% is worth roughly 64 basis points of S&P 500 futures on a 7% index weight. Fourth-quarter revenue and Azure both beat, Microsoft held 2026 capital spending guidance steady, and the quarter carried a $3.2 billion gain on its Anthropic stake.
- META.US -10.21% takes about 27 basis points back off the index. Second-quarter EPS of $6.18 missed the $7.22 consensus, and third-quarter revenue guidance of $62.5 billion landed under the $63.15 billion estimate.
- LRCX.US +12.09%, AMAT.US +8.01%, ARM.US +8.96%, KLAC.US +6.06%, MU.US +4.40%: Lam Research reported fourth-quarter revenue of $6.72 billion against $6.66 billion expected and non-GAAP EPS of $1.82 against $1.69, reversing a Wednesday in which KLAC.US fell 10.80% and MU.US 9.94%.
- Q2 GDP grew at a 1.5% annual rate, down from 2.1% in the first quarter, with June core PCE at 0.1% on the month and 3.3% annually.
Named gainers add to roughly 91 basis points against futures up 70, which leaves the rest of the market at about 21 basis points of drag. MSFT.US and the chip equipment makers hold the whole bid.
Wednesday's close
The S&P 500 closed at 7,316.15 on 29 July 2026, down 1.52%, and the Nasdaq Composite at 24,442.94, down 1.74%, leaving it more than 10% below its record high.
- Dow Jones Industrial Average 51,594.14, down 2.19% or 1,153.18 points, its worst session since April 2025
- Russell 2000 2,906.31, down 1.61%; VIX settled at 20.66 and now reads 18.98
- VRT.US -17.26% to $223.04 on second-quarter revenue of $3.27 billion against $3.38 billion expected, despite a raised full-year adjusted EPS range of $6.65 to $6.75
- CAT.US -6.91% to $782.71 after Baird flagged AI data-center policy risk
- EQNR.US +7.00%, CNQ.US +5.11% and EOG.US +4.51% as WTI settled at $84.46, up 6.56%
Overnight Asia and Europe
Japan's Nikkei 225 closed at 61,867.43 on 30 July 2026, up 0.71%, and Hong Kong's Hang Seng at 25,858.88, up 0.20%.
- STOXX 600 649.76, up 0.74%
- DAX 25,543.39, up 0.33%
- FTSE 100 10,957.07, up 0.45%
Pre-market movers
MSFT.US leads the 250 largest US names at 9.16% pre-market on 30 July 2026, with META.US the weakest at 10.21% lower.
| Ticker | Pre-market | Reason |
|---|---|---|
| LRCX.US | +12.09% | Q4 revenue $6.72 billion, EPS $1.82 against $1.69 |
| PWR.US | +11.26% | Q2 revenue $9.56 billion, record $53.4 billion backlog |
| FTNT.US | +11.25% | Q2 revenue up 26%, FY26 guidance raised to $8.18 billion |
| MSFT.US | +9.16% | Azure beat, 2026 capital spending guided steady |
| ARM.US | +8.96% | No company news; retraces Wednesday's 8.11% fall |
| META.US | -10.21% | Q2 EPS $6.18 against $7.22, Q3 revenue guidance light |
| CVNA.US | -7.79% | Record Q2, FY26 EBITDA guidance $2.7 to $3.0 billion |
| QCOM.US | -4.09% | Extends a 4.42% fall on Wednesday |
Rates, dollar and commodities
The US 10-year Treasury yield last printed 4.665% on 30 July 2026, above Wednesday's 4.622% settle, with the 30-year at 5.197% from 5.143%. That print carries an 08:25am ET timestamp, so it predates the 8:30am data.
- Gold $4,139.10 an ounce, up 1.03%
- WTI crude $84.10, down 0.43%
- Dollar index 100.65, down 0.24%
- S&P 500 futures reached an overnight high of 7,404.75 at 08:30am ET, up from a 7,358.00 low at 04:00am ET
US economic calendar today (ET)
- 08:30 Q2 GDP advance estimate at 1.5% annualized, against 2.1% in the first quarter
- 08:30 June PCE price index down 0.1% on the month, up 3.7% year over year; core up 0.1% and 3.3%
- 08:30 June personal income up 0.2%, spending up 0.3%, saving rate 2.7%
- 08:30 Initial jobless claims 197,000 for the week to 25 July, up 9,000, with the four-week average at 202,750
- After the close AAPL.US and AMZN.US report
What to watch
- AAPL.US trades 0.90% lower at $335.14 and AMZN.US 2.72% higher at $232.81 into results after the close.
- Nasdaq 100 futures up 1.55% against Dow futures up 0.48% is a 107 basis point spread across the two contracts.
- Initial claims at 197,000 sit under the 219,000 filed in the comparable week of 2025.
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