U.S. stock futures pointed to a firmer open Friday, extending Thursday's rebound as investors sifted through a blockbuster night of Big Tech earnings and a record-setting rally in South Korean equities. Techs are set to lead from the front yet again as artificial intelligence (AI) stocks returned to be in favor.
Futures on the Dow Jones Industrial Average rose roughly 0.6%, and those on the S&P 500 moved up 0.4%. Contracts for the tech-heavy Nasdaq-100 surged 1.2% after South Korea's KOSPI index jumped 14% overnight, triggering trading halts. The moves cap one of the busiest earnings weeks of the season and mark the final trading day of July, with month-end rebalancing likely to amplify flows.
Premarket Snapshot
Premarket Snapshot — July 31, 2026
| Instrument | Level | Change |
|---|---|---|
| S&P 500 futures (ES) | 7,511.75 | +0.53% |
| Nasdaq-100 futures (NQ) | 28,573.00 | +1.19% |
| Dow futures (YM) | 52,693.00 | +0.6% |
| US 10-Year Treasury yield | 4.671% | up 8 basis points |
| WTI crude (Sep) | $83.91 | +0.38% |
| Brent crude | $89.38 | +0.39% |
| Gold futures | $4,110.30/ounce | -1.21% |
| US Dollar Index (DXY) | 100.19 | +0.33% |
| CBOE Volatility Index (VIX) | 16.75 | -1.99% |
| Bitcoin (BTC/USD) | $4,110.30 | -1.04% |
Short positions in E-mini S&P 500 (ES) futures outnumbered longs, according to MarketFramework's Positioning Edge tool, signaling broad trader skepticism despite the index's recent rebound. Yet among profitable trades, 58.3% were long versus just 12.5% longs among unprofitable trades, suggesting that while overall positioning remains cautious, traders betting on further upside have been on the right side of the recent move.
US Stocks in Focus
The session's clearest split came from Thursday's after-hours earnings. Shares of Amazon were nearly 13% higher in premarket trading, while Apple fell more than 7%. Amazon was nearly 4% higher at Thursday's close while Apple was down by more than 1%.
Apple reported guidance for the current quarter that disappointed investors as it grapples with a memory price surge and chip shortages. Amazon meanwhile reported a surge in revenue at its key cloud business even as it projected spending to rise this year. The e-commerce giant reported second-quarter revenue of $200.61 billion, beating the consensus estimate of $196.46 billion. The company posted second-quarter earnings of $5.75 per share, beating analyst estimates of $1.83 per share.
The divergence extends a week-long pattern across mega-cap tech. On Thursday, Meta sank 8% while Microsoft rallied 15% as investors took a different view on both companies' AI strategies.
Chevron is expected to post quarterly earnings of $5.56 per share on revenue of $61.97 billion before the opening bell. Analysts expect Colgate-Palmolive to post quarterly earnings of 95 cents per share on revenue of $5.36 billion before the opening bell.
Key Technical Levels
For the S&P 500, chart watchers are eyeing a well-defined band on either side of spot. A confirmed move below the 7,300 area would materially weaken the rebound structure. Near resistance sits around 7,475, where the 50-day also clusters. A stronger recovery may need to clear this area and then the 7,525 zone. Near support sits around 7,375, close to recent lows, and a deeper break would bring 7,300 and 7,225 into focus.
Asian Markets: Korea Leads Historic Rebound
The optimism extended globally on Friday. South Korea's Kospi recorded its best day on record as chipmakers rallied, Japan's Nikkei 225 climbed sharply and European equities also traded higher, reinforcing positive risk sentiment. Japan's Nikkei 225 ended up over 4%. South Korea's Kospi ended in the green, gaining nearly 1,002 points. SSE Composite index was in the green with a gain of 27.57 points or 0.72 per cent.
The Bank of Japan. announced Friday an unchanged monetary policy decision, although expressing intent to raise rates if the economy, prices and financial conditions play out in line with expectations. The yen, which strengthened below 160 level against the U.S. dollar, reversed course and is now back up over the 160 level.
Europe: Early Bid on Tech and Earnings
European equities followed Asia higher out of the gate, building on the previous session's gains as sentiment improved amid a global rally in technology stocks and renewed optimism surrounding the AI sector. The Euro STOXX 50 Index was up 0.92% in late-morning deals.
Macro Data Preview
Stateside, traders will get the Chicago PMI at 9:45 a.m. ET, with the prior reading at 56.7, providing a fresh regional pulse-check on U.S. business activity. The University of Michigan's final consumer sentiment reading for July is due at 10 a.m. ET.
Rates and Fed Backdrop
The bond market remains a live wire under the equity rally. The yield on the US 10-year Treasury note increased to 4.66% on Wednesday after the Fed left the federal funds rate unchanged, broadly in line with expectations, although three FOMC members dissented in favor of a 25bps increase. During the regular press conference, Chair Warsh did not provide much guidance but said the central bank "where necessary and appropriate, will not hesitate to act" and that higher rates "could well be part of the solution" to remedy too-high inflation.
