NEW YORK, July 30, 2026, 09:05 EDT
- Nasdaq 100 futures increased by 1.57%. S&P 500 futures were up 0.59%, and Dow futures advanced 0.35%.
- Microsoft NASDAQ:MSFT rose 9.18% before the bell, while Meta Platforms NASDAQ:META dropped 9.74%.
- The initial estimate for GDP growth came in at 1.5%, missing the 2.1% consensus expectation. Additionally, monthly core Personal Consumption Expenditures inflation was lower than projected.
U.S. stock futures advanced on Thursday, with gains mostly focused on technology shares. Nasdaq 100 futures increased by 1.57%, while Dow futures were up 0.35%.
At 09:05 EDT, the cash market remained shut. Standard trading is set to start at 09:30. Futures pointed to a modest recovery following Wednesday’s 1.52% drop in the S&P 500.
The real indicator was found beneath the headline index change. The divergence between Microsoft and Meta shows investors remain willing to support significant artificial-intelligence spending. However, they are now prioritizing clear demonstrations of free cash flow, meaning the amount of cash remaining after capital expenditures.
Index futures as indicated at 08:47 EDT
| Contract | Level | Point move | Percentage move |
|---|---|---|---|
| Nasdaq 100 futures | 27,770.50 | up 428.50 | rising 1.57% |
| S&P 500 futures | 7,394.50 | up 43.25 | gaining 0.59% |
| Dow futures | 51,947.00 | up 182.00 | advancing 0.35% |
Nasdaq futures outperformed the S&P contract by 0.98 percentage point and were ahead of the Dow by 1.22 points. The rebound remains limited rather than indicating broad risk appetite.
Microsoft reported an 18% increase in quarterly revenue to $90.0 billion. Revenue from Azure and associated cloud offerings climbed 43%. “Azure revenue surpassed $100 billion for the first time,” Chief Executive Satya Nadella said. Microsoft
Meta reported a 28% increase in revenue to $60.8 billion, but expenses climbed 55% and operating margin declined to 31% from 43%. Shares dropped 9.74% in premarket trading.
AI cash conversion for the quarters ending June 30
Figures reported by companies are shown in billions of dollars; percentages are also listed. Margins reflect values based on data provided in reports. Company definitions may vary and are not exactly the same.
| Measure | Microsoft | Meta Platforms |
|---|---|---|
| Revenue | $90.00 | $60.80 |
| Revenue growth | 18% | 28% |
| Capital expenditure | $41.00 | $31.08 |
| Free cash flow | $19.60 | $0.784 |
| Free-cash-flow margin | 21.8% | 1.3% |
| Premarket share move | rises 9.18% | drops 9.74% |
Microsoft’s capital expenditures exceeded Meta’s by 32%. Despite this, the company generated free cash flow at a level 25 times higher than Meta’s reported figure. Meta’s quarterly results reflected $3.58 billion in legal and severance expenses.
Futures gained further support from the morning’s economic data, though the signals were mixed.
U.S. data published at 08:30 EDT
| Indicator | Actual | Consensus | Previous |
|---|---|---|---|
| Q2 GDP, annualized advance | 1.5% | 2.1% | 2.1% |
| June core PCE, month-over-month | 0.1% | 0.2% | 0.3% |
| June core PCE, year-over-year | 3.3% | 3.3% | 3.4% |
| Initial weekly jobless claims | 197,000 | 200,000 | 188,000 revised |
Core inflation for the month came in below forecasts. The initial GDP reading fell short by 0.6 percentage point. On first look, this backdrop supported gains in growth stocks.
The Federal Reserve decided to keep interest rates steady at 3.50%-3.75% on Wednesday, with a 9-3 split among policymakers. The three dissenting members supported a 0.25 percentage point hike. “Each meeting we’re now building more uncertainty around it than the last,” RWA Wealth Partners’ JP Powers said. Federal Reserve
Shares of Lam Research NASDAQ:LRCX climbed 13.72% in premarket trade. The company posted June-quarter revenue of $6.72 billion, up 15.1% from the previous quarter. For the September quarter, Lam Research forecast revenue at $8.10 billion, plus or minus $400 million.
The step expanded the focus from cloud software to chip-making machinery. It further strengthened the Nasdaq’s advantage over the Dow.
Amazon.com NASDAQ:AMZN and Apple NASDAQ:AAPL are scheduled to host their earnings calls at 17:00 EDT. Investors will look to their guidance for indications on whether cash conversion is still considered the leading AI market filter.
Risks: Futures provide an early guide but may shift direction when markets open. A resurgence in Treasury yield increases or disappointing outlooks from major tech firms could undermine gains in the sector.
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