Market Commentary: Thursday 31st July

Futures for the S&P 500 and Nasdaq 100 climbed, with Microsoft and Meta surging in after-hours trading after strong earnings from megacap tech firms boosted confidence in corporate resilience. Asian equities dipped overall, though Japan outperformed as the Bank of Japan held rates steady and raised its inflation outlook. Traders are also eyeing results from Apple and Amazon later today.

Investor sentiment remains focused on a mix of central bank moves, earnings, and trade headlines. While the Fed kept rates unchanged as expected, Chair Powell signaled no commitment to easing in September. The dollar weakened slightly after Wednesday’s post-Fed surge, while Treasury yields edged lower across the curve.

Trade developments remain noisy but less impactful. Markets shrugged off a U.S.–South Korea tariff deal and fresh penalties aimed at India. Fatigue is setting in as deal announcements struggle to deliver lasting momentum. In China, weak factory data weighed on sentiment despite the ongoing U.S. tariff truce. Meanwhile, copper prices steadied after Trump unexpectedly exempted key forms of the metal from new tariffs, calming a volatile market.

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