U.S. stock futures were mixed Thursday morning as investors digested a flurry of megacap tech earnings, a Federal Reserve policy hold, and rising geopolitical risks that sent oil and gold soaring. The market is now bracing for Apple’s highly anticipated earnings, while traders monitor a potential pivot in U.S.-Iran relations.
💻 Tech Titans Drive the Mood
Futures on the S&P 500 rose 0.2%, Nasdaq 100 added 0.2%, and Dow Jones Industrial Average futures inched up 50 points, or 0.1%. The gains were led by strong premarket performances from major tech firms:
Meta Platforms (META) surged 8% after its stronger-than-expected quarterly revenue outlook and a massive $135 billion plan for AI data center expansion, reinforcing its position in the AI race.
Tesla (TSLA) gained 2%, buoyed by a quarterly earnings beat and investor enthusiasm over its pivot from electric vehicles to robotics, despite the company’s first-ever annual revenue decline.
However, Microsoft (MSFT) tumbled nearly 7%, overshadowing its higher-than-expected capital expenditures, after investors reacted to slowing cloud growth and soft guidance for operating margins in the next quarter.
The market now turns its focus to Apple (AAPL), set to release earnings after the closing bell Thursday, which could dictate whether the tech rally continues.
🏦 Fed Holds Rates, Markets Eye Policy Path
The Federal Reserve opted to keep interest rates unchanged at 3.5%–3.75%, signaling stability amid a mixed economic backdrop. According to the policy statement, economic activity is expanding at a solid pace, and the unemployment rate shows signs of stabilization.
Still, futures markets are pricing in two quarter-point rate cuts by the end of 2026, reflecting expectations for a potential easing later this year. Analysts note that markets may remain volatile, especially as Trump’s upcoming Fed chair announcement looms.
“The Fed statement was largely as expected, and markets tend to move on surprises,” said Sameer Samana, head of global equities at Wells Fargo Investment Institute. “Earnings and economic data will drive the next leg higher, but midterm-election related volatility could also shake markets.”
🌍 Geopolitics Shakes Risk Appetite
Despite the tech cheer, escalating tensions between the U.S. and Iran pressured broader sentiment. President Trump warned Iran to reach a nuclear agreement quickly or face military strikes, prompting traders to rotate into safe-haven assets:
Gold surged past $5,500 an ounce, marking a new record amid a declining U.S. dollar.
Crude oil continued to climb, extending gains from Tuesday’s four-month highs as U.S. naval forces massed in the region.
The conflict-driven volatility adds another layer of uncertainty, tempering enthusiasm for high-risk assets like tech equities, even as mega-cap earnings impress.
⚡ Key Takeaways
Wall Street futures are mixed but slightly higher, with tech gains offset by Microsoft weakness.
Meta’s AI data center expansion and Tesla’s earnings beat drive optimism for the “Magnificent Seven” megacap.
Gold and oil rally amid U.S.-Iran tensions and a falling dollar, highlighting a flight to safety.
Fed policy remains on hold, but markets anticipate two rate cuts by year-end, while awaiting Trump’s Fed chair announcement.
Apple’s earnings tonight could be the next catalyst for market direction.
Investors are navigating a market caught between tech optimism, central bank caution, and geopolitical uncertainty, with the S&P 500 hovering near the 7,000 mark, setting the stage for a potentially turbulent but opportunity-rich session.