SPX Market News
The market-moving developments shaping today’s S&P 500 session.
Pre-market briefingJuly 31, 2026
AI-assisted Source-linked Automatically checked for factual support
Updates at 6:25 AM, 12:40 PM, and 1:20 PM PT on market days.
Futures Rise as Inflation Data and Tech Earnings Offset Apple Guidance Concerns
Stock futures advanced Friday following Thursday's rally, supported by cooler June PCE inflation and softer Q2 GDP. Apple dropped after issuing weaker-than-expected revenue guidance despite beating earnings, while Amazon surged on strong AWS results.
Positive inflation data and strong mega-cap earnings support the index, but Apple's guidance weighs on a key component, creating mixed sentiment.
Futures point higher as cooling inflation data and strong tech earnings offset Apple's downbeat guidance, while energy stocks gain on geopolitical supply risks.
Today’s SPX drivers
Ranked by potential market impact- 01MEGA-CAPApple's Cautious Outlook Triggers Selloff Despite Earnings BeatApple reported better-than-expected fiscal Q3 revenue and earnings but issued Q4 sales guidance below estimates, citing supply constraints and FX headwinds. Shares fell in premarket as investors focused on margin and demand concerns.HIGHBenzingaBenzinga
- 02EARNINGSAmazon Beats on AWS Strength, Shares JumpAmazon exceeded Q2 revenue and earnings estimates, with AWS profitability driving the beat. Shares rose sharply in premarket as investors saw evidence that AI investments are yielding returns.HIGHBenzingaBenzinga
- 03MACRO DATACooler Inflation Data Reinforces Fed Pause ExpectationsJune PCE inflation came in cooler and Q2 GDP was softer than expected, supporting hopes that price pressures are easing. Markets now price a higher likelihood of a Fed rate hike in September, while Treasury yields remain elevated.MEDIUMBenzingaU.S. Bureau of Labor Statistics
- 04EARNINGSEnergy Giants Beat Estimates on Higher Oil PricesChevron and ExxonMobil reported mixed results, with Chevron beating EPS estimates and Exxon missing. Both benefited from elevated crude prices tied to the Iran conflict, but Exxon's refinery maintenance and Chevron's supply warnings capped gains.MEDIUMBenzingaBenzinga
- 05SECTORSSemiconductor Rally Continues Ahead of AMD EarningsChip stocks rebounded following strong Microsoft and Lam Research results, with AMD rising in premarket ahead of its Q2 earnings next week. Samsung's earnings also boosted sentiment.MEDIUMBenzingaBenzinga
- 06MARKET STRUCTUREAI Credit Default Swaps Surge as Debt-Funded Spending Spurs ConcernsInvestors are increasingly buying credit protection on tech companies as AI infrastructure spending is funded by debt, raising uncertainty about returns. CDS trading volume in tech has surged.MEDIUMBenzinga
Macro, Fed & rates
Cooler Inflation Data Reinforces Fed Pause Expectations
SPX · SPYJune PCE inflation came in cooler and Q2 GDP was softer than expected, supporting hopes that price pressures are easing. Markets now price a higher likelihood of a Fed rate hike in September, while Treasury yields remain elevated.
Cooler inflation reduces pressure on the Fed and supports equities, though still-elevated yields may limit valuation expansion in the index.
Mega-cap, sectors & global risk
Apple's Cautious Outlook Triggers Selloff Despite Earnings Beat
AAPLApple reported better-than-expected fiscal Q3 revenue and earnings but issued Q4 sales guidance below estimates, citing supply constraints and FX headwinds. Shares fell in premarket as investors focused on margin and demand concerns.
Apple's large index weight means its decline can drag the S&P 500, offsetting gains from other mega-caps.
Amazon Beats on AWS Strength, Shares Jump
AMZNAmazon exceeded Q2 revenue and earnings estimates, with AWS profitability driving the beat. Shares rose sharply in premarket as investors saw evidence that AI investments are yielding returns.
Amazon's strong performance adds a positive boost to the index, reinforcing confidence in mega-cap tech earnings.
Energy Giants Beat Estimates on Higher Oil Prices
CVX · XOMChevron and ExxonMobil reported mixed results, with Chevron beating EPS estimates and Exxon missing. Both benefited from elevated crude prices tied to the Iran conflict, but Exxon's refinery maintenance and Chevron's supply warnings capped gains.
Energy sector performance influences the index, and oil price dynamics from geopolitical risks can have broader market effects.
Semiconductor Rally Continues Ahead of AMD Earnings
AMD · SOXXChip stocks rebounded following strong Microsoft and Lam Research results, with AMD rising in premarket ahead of its Q2 earnings next week. Samsung's earnings also boosted sentiment.
Semiconductors are a key driver of tech-heavy index moves, and positive earnings support the sector's rally.
AI Credit Default Swaps Surge as Debt-Funded Spending Spurs Concerns
NVDA · META · GOOGLInvestors are increasingly buying credit protection on tech companies as AI infrastructure spending is funded by debt, raising uncertainty about returns. CDS trading volume in tech has surged.
SourcesBenzinga
Mounting credit concerns for mega-cap AI spenders could pressure valuations and increase market volatility if debt markets tighten.
Next catalysts
| Date | Time (ET) | Event | Consensus | Impact |
|---|---|---|---|---|
| 2026-07-31 | 08:30 ET | Employment Cost Index q/q | 0.8% | MediumPrevious 0.9% |
| 2026-07-31 | 10:00 ET | Revised UoM Consumer Sentiment | 53.9 | MediumPrevious 54.4 |
| 2026-07-31 | 10:00 ET | Revised UoM Inflation Expectations | — | MediumPrevious 4.2% |
Source & methodology
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