Morning Juice – US Session Prep (31st July)

Sentiment
Stocks rose as Big Tech earnings delivered on optimism around the AI boom, putting Microsoft on course to become the second company to reach a $4 trillion market capitalization.

Futures for the S&P 500 advanced 0.9% and those for the Nasdaq 100 gained 1.3% as Microsoft and Meta surged in premarket trading after they pledged to spend lavishly on artificial intelligence and reported upbeat earnings.

If even a portion of Microsoft’s 8% premarket gain holds through the start of cash trading, the tech giant is set to match the feat of Nvidia, which hit the $4 trillion milestone earlier this month.

Headline-grabbing earnings are helping to allay fears about a tariff- driven slowdown in the world’s biggest economy and justifying high stock valuations. Investors are also navigating trade tensions and central bank decisions.

Apple and Amazon are due to report later Thursday. The deluge of data continues Thursday, with reports on jobless claims and monthly core inflation due before the open of trading.
The PCE deflator, the Federal Reserve’s preferred inflation gauge, is likely to show a quicker rate of price growth than the CPI index has revealed, bolstering the Fed’s go-slow approach.

Treasuries rose across the curve, helping to reverse some of their pullback Wednesday after Fed Chair Jerome Powell said no decision had been made about easing policy in September. The dollar traded at its highest levels since May.

Docket
08:30 ET
US PCE Price Index for June
YoY – Forecast: 2.5% | Prior: 2.3% | Range: 2.6% / 2.3%
MoM – Forecast: 0.3% | Prior: 0.1% | Range: 0.4% / 0.1%
Core YoY – Forecast: 2.7% | Prior: 2.7% | Range: 2.8% / 2.3%
Core MoM – Forecast: 0.3% | Prior: 0.2% | Range: 0.3% / -0.1%

US Consumer Spending for June
Forecast: 0.4% | Prior: -0.1% | Range: 0.6% / 0.1%

09:45 ET
US Chicago PMI for July
Forecast: 42 | Prior: 40.4 | Range: 43.5 / 40

Earnings
16:00 ET
Amazon Q2 2025 Earnings
Est. EPS: $1.32
Est. Rev: $162.15B

16:30 ET
Apple Q3 2025 Earnings
Est. EPS: $1.43
Est. Rev: $89.3B

Good luck!