Stock futures rose on Thursday following strong earnings reports from Microsoft and Meta Platforms. Microsoft reported annual revenue from its cloud computing service Azure exceeding $75 billion, while Meta Platforms issued an upbeat third-quarter sales outlook. The Dow and S&P 500 closed lower Wednesday, while the Nasdaq gained a small gain. The Federal Reserve left its benchmark overnight policy rate steady at its July meeting, but not all members agreed with the decision. CNBC’s Ross Mayfield, investment analyst at Baird, said that the market’s currently “stretched” valuations made these moves sense. The S&P 500’s decline marked its second day of losses following a streak of six record closes in a row. CNBC’s Ross Mayfield suggested that the market needs to consolidate and take a breather, and it will grab on to whatever it needs to as an excuse. Traders will also be watching June’s personal consumption expenditures price index reading, the Fed’s preferred inflation gauge.
Meta and Microsoft have posted quarterly beats, leading to a rise in S&P 500 futures.
