Market Update
On July 30, 2025, a trader was seen on the New York Stock Exchange floor in New York City. This morning, S&P 500 and NASDAQ 100 futures saw an uptick following encouraging revenue reports from major tech companies, Microsoft and Meta.
S&P 500 futures increased by 0.94%, while NASDAQ 100 futures rose by 1.34%. Additionally, futures related to the Dow Jones Industrial Average climbed 132 points, or about 0.3%.
Microsoft and Meta, often dubbed “The Magnificent Seven,” both saw their stocks jump roughly 8% and 11%. This surge came in the wake of quarterly profits that exceeded expectations. Microsoft reported an annual revenue of over $75 billion from its Azure cloud services, and Meta offered a promising sales forecast for the third quarter, surpassing analysts’ predictions.
In other news, President Donald Trump announced a trade agreement with South Korea, including a reduced tariff of 15%. This is a notable decrease from the 25% rate he initially suggested in a letter to Seoul earlier this month, just ahead of a key tariff deadline on Friday.
During regular trading this past Wednesday, the S&P 500 dropped, largely influenced by Federal Reserve Chairman Jerome Powell’s indication that a cut in interest rates isn’t imminent. The broad market index fell by 0.12%. The Dow Jones Industrial Average lost 171.71 points, translating to a 0.38% drop, while the Nasdaq Composite eked out a slight gain of 0.15%.
At the recent Federal Reserve meeting, the benchmark policy rate remained unchanged, though not all members were in agreement. Governors Michelle Bowman and Christopher Waller expressed dissent regarding the decision to maintain rates in the current range of 4.25% to 4.50%. When Powell was queried about potential policy shifts in September, he indicated that a decision had yet to be made.
Investment analyst Ross Mayfield noted that Wednesday’s losses were somewhat expected given the market’s current growth sentiment. The recent decline for the S&P 500 followed six consecutive record closings.
“There’s a lot of good news, so when you have that kind of run, even slight comments from the FOMC can shift sentiment,” Mayfield said. “The market could use a breather, and they’ll find reasons sooner rather than later.”
As traders look to Thursday, the focus will be on the Fed’s preferred inflation measure, the June personal consumption expenditure price index. Economists surveyed by Dow Jones predict a 2.5% increase in PCE over the last year, with a monthly rise of 0.3%. There’s also a weekly unemployment claims deadline.
Several companies, including Comcast, Bristol Myers Squibb, Signa, CVS Health, Abbvie, and Mastercard, are expected to report their earnings before the market opens on Thursday. Reports from industry giants like Apple and Amazon are also anticipated in the afternoon.
