S&P 500, Nasdaq Futures Climb After Mag 7 Earnings Kickoff: MSFT, META, AMZN, GOOG, INTC Stocks In Focus

• Dow Jones futures slipped 0.32% overnight, even as the S&P 500 futures climbed 0.40% higher, and Nasdaq 100 futures were up 0.93%.
• Tensions between the U.S. and Iran continue to rise after reports that Washington was preparing an extended blockade of Iran. 
• The Federal Reserve held the benchmark interest rates steady in April, in line with market expectations.

U.S. stock futures were mixed in Wednesday’s overnight trading session after results from four “Magnificent Seven” stocks failed to provide a clear signal on the technology sector’s outlook.

Dow Jones futures slipped 0.32% overnight, even as the S&P 500 futures climbed 0.40% higher, and Nasdaq 100 futures were up 0.93% as of 8.26 p.m ET.  

Among the ETFs tracking the benchmark indexes, the SPDR S&P 500 ETF (SPY) and Invesco QQQ Trust (QQQ) were trending higher overnight, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) fell. Meanwhile, retail sentiment on Stocktwits for all three was mixed, with the SPY and DIA in the ‘bullish’ territory, while the QQQ was in the ‘neutral’ territory at the time of writing.

How Did US Markets Fare?

On Wednesday, the Dow Jones Industrial Average closed down 0.57% and the S&P 500 was 0.04% lower. Meanwhile, the Nasdaq Composite gained more than 157 points, ending the session 0.58% higher.

US Market Drivers

Results from Meta Platforms Inc. (META), Microsoft Corp. (MSFT), Alphabet Inc. (GOOG, GOOGL), and Amazon.com Inc. (AMZN) offered a fresh read on artificial intelligence spending.

Meta raised its capital expenditure guidance for the year, reigniting fears about unsustainable investments without commensurate returns. Microsoft’s cloud business grew for the quarter, even as it forecast that Azure cloud business would beat expectations. The software company also hiked its 2026 capital spending outlook, further stoking investor concerns.

Two other Mag Seven companies, Alphabet and Amazon, also reported quarterly results on Wednesday, beating Wall Street expectations.

Simultaneously, tensions between the U.S. and Iran continue to rise after reports that the U.S. was preparing an extended blockade of Iran. U.S. President Donald Trump reportedly said that Washington had rejected a proposal from Iran to reopen the Strait of Hormuz as concerns over Tehran’s nuclear program persist. As per a report from Axios, the U.S. Central Command (CENTCOM) has plans for a "short and powerful" wave of strikes on Iran.

On the economic front, the Federal Reserve held the benchmark interest rates steady, in line with market expectations, even as inflation levels persisted.

Trending Stocks To Watch

Microsoft Corp. (MSFT): Shares of the software giant were flat overnight, recovering from earlier declines despite a double beat in the fiscal third quarter and strong cloud growth, as a sharp increase in AI capex weighed on the company.

Amazon.com Inc. (AMZN): The retail giant beat expectations for its first quarter and reported cloud sales that topped analysts’ expectations, with cloud revenue carrying the rise. Shares of the company recovered in post-market hours after briefly slipping amid concerns about its AI spending. AMZN stock was up nearly 3% at the time of writing.

Meta Platforms Inc. (META): Facebook parent Meta’s shares declined sharply by nearly 7% after-hours despite better-than-expected results and a strong outlook. However, its bloated capital expenditure guidance for 2026 of $135 billion at the midpoint spooked investors.

Alphabet Inc. (GOOG, GOOGL): Google parent Alphabet surged nearly 7% overnight on solid first-quarter performance, bolstered by strong results from its cloud computing unit.

Intel Corp. (INTC): The chipmaker’s shares shot up more than 5% in extended trading after Trump praised Intel for doing a “great job” amid a record rally in April.

Broader Market Trends

Oil futures gained in Wednesday’s overnight trading amid growing tensions in the critical Strait of Hormuz. Brent crude futures expiring in June were up around 1.2%, trading around $119.53 a barrel, while WTI crude futures expiring in May were up about 0.15% to $107.01 a barrel at the time of writing.

Treasury yields on the benchmark 10-year were at 4.426%, while gold traded around $4,558.50 an ounce.

Asian markets opened mixed on Thursday, with the KOSPI and SSE Composite indexes climbing higher at the open, while the Nikkei 225 was trading lower. Australian stocks also dipped lower at the open.

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