Despite the late-month slump, the S&P 500 rose for the third consecutive month in July, buoyed by investor optimism over generally excellent corporate results and statistics indicating the economy’s continued resiliency in the face of concerns surrounding tariffs.
US stock futures edged lower on Friday as investors awaited the closely watched July jobs report, seen as a key indicator of economic strength and a potential driver of future monetary policy decisions.
Pre-market trading
In pre-market trading, Nvidia is down 2.75% and Amazon slumped over 7% following a weak revenue forecast for the current quarter, while Apple gained 2% after beating earnings and revenue estimates. Reddit is up over 15% in the pre-market session.
In Thursday’s regular session, the Dow fell 0.74%, the S&P 500 lost 0.37%, and the Nasdaq dipped 0.03%.
Magnificent 7 Results
Gains in Microsoft and Meta were not enough to offset broader market weakness, amid renewed trade tensions and persistent economic uncertainty.
Earnings from more of the “Magnificent 7” pushed markets higher this week, with standout results fueling investor optimism about these tech behemoths.
The most recent earnings season has been another test for the group, with some companies only lately recovering from a difficult start to 2025.
The “Magnificent Seven” barometer achieved new heights, with Microsoft Corp. briefly reaching $4 trillion and Meta Platforms Inc. climbing 11%. Apple Inc. reported sales that topped forecasts late in the day. Amazon.com Inc.’s outlook disappointed investors. Nvidia (NVDA) – Releases second quarter results on Wednesday, 27 August
The Federal Reserve decided to maintain the current benchmark interest rate. Following the ruling, Chair Jerome Powell stated that the Fed should wait for additional data on how tariffs affect inflation before modifying interest rates. Powell’s hawkish posture shattered market expectations that a rate decrease was imminent. On Friday, investors will be focusing on the July jobs report.