S&P futures experienced an uptick early Thursday as market participants assessed the recent earnings reports from major technology firms, the Federal Reserve’s choice to maintain interest rates, and the renewed conflict in the Middle East. Futures associated with the Dow Jones Industrial Average increased by 158 points, reflecting a rise of 0.31%.S&P 500 futures advanced 0.35%, and Nasdaq 100 futures climbed 0.61%. In regular trading, the Dow Jones Industrial Average experienced a decline of 1,153.18 points, equivalent to 2.19%, representing the most significant drop for the blue chip index since April 2025. The broad market experienced a decline of 1.52% as measured by the S&P 500. The tech-heavy Nasdaq Composite fell 1.74%, concluding the session more than 10% below its intraday record.

Microsoft experienced an 8.3% increase in premarket trading, driven by expansion in its Azure segment. In contrast, Meta Platforms experienced a decline of 9% prior to the market opening, following the release of a subdued revenue forecast and a significant 91% decrease in free cash flow for the second quarter. “This is ultimately a tale of two AI investment strategies. One company is increasing profits while spending heavily, while the other is allowing those costs to eat into its bottom line,” said Stephen Evans. “Microsoft’s results suggest concerns about slowing growth may have been overstated, particularly after the pressure its shares have faced,” he added. “Meta’s advertising business remains strong, but it must now demonstrate greater cost control and more consistent returns from its investment before confidence fully returns.” Elsewhere, chipmakers continue to face challenges, with Qualcomm declining by 5.1% in premarket trading, while Arm has experienced a drop of over 7%. One of the busiest weeks of corporate earnings continues Thursday, with Bristol-Myers Squibb scheduled to report before the bell.

Amazon, Apple and Coinbase are scheduled to report after the market close. Traders were assessing the Federal Reserve’s decision following Wednesday’s meeting to maintain interest rates at their current levels, a move that resulted in a significant increase in long-dated Treasury yields. The 30-year Treasury yield increased by 9 basis points, surpassing 5.2% on Thursday, following its peak level since 2007 the previous day. “The Fed remains patient [and in] a wait-and-see mode, and will continue to monitor how the economy evolves in the upcoming months,” said Sameer Samana. “This leaves the September meeting ‘live’ as an opportunity for the Fed to act if supported by the incoming data to appease rising inflation pressures.” Across the Atlantic, Europe’s Stoxx 600 benchmark registered an increase of 0.30%, reflecting a surge in corporate earnings across the continent. Notable companies reporting their second quarter results include oil giant Shell, automobile manufacturer Stellantis, sportswear brand Adidas, and aerospace and defence leader Rolls-Royce Holdings. The French index was 0.53% higher, while the U.K. index increased by 0.38%, as Germany’s index and the Italian index fell into negative territory.

In Asia, South Korea’s Kospi experienced a decline of 1.23%, whereas Japan’s Nikkei 225 concluded the trading session with an increase of 0.71%. Australia’s benchmark index experienced a decline of 0.78%. Mainland China’s CSI 300 concluded the trading session with a decline of 1.10%. On Thursday, market participants will be attentive to the release of weekly jobless claims alongside the personal consumption expenditures price index for June. The Dow Jones consensus indicates that headline inflation is projected to have increased at an annual rate of 3.7%. Excluding the more volatile categories of energy and food, they project an increase of 3.3%. The initial estimate of the second quarter’s real GDP is scheduled for release in the morning.