InstantWhyThe numbers
CNBC reports Nasdaq futures rose in after-hours trading Thursday, with Amazon shares surging following its quarterly earnings release. The move extended a rally during the regular session that was led by Microsoft. The gains came as investors assessed results from major technology companies.
Why it matters
Amazon's after-hours jump suggests the e-commerce and cloud giant delivered results strong enough to keep the rally going beyond Microsoft's Wednesday report. The Nasdaq's outperformance reflects continued confidence that the sector's largest companies can justify their valuations even as the Fed holds rates steady.
How this compares
Stock futures rose Wednesday as Microsoft rallied after its earnings report, one day after the Fed held rates steady on July 29. Earlier that week on July 28, the S&P 500 fell as investors positioned ahead of a packed calendar of technology earnings and the central bank's announcement. The pattern of volatility followed by relief rallies has marked each major earnings cycle this year as traders weigh whether profit growth can support elevated valuations in rate-sensitive growth stocks.
What to watch
Amazon's full results will be scrutinized for cloud growth and retail margin trends when markets open Friday. The earnings calendar continues with more technology companies reporting in coming days. Investors will watch whether the rally can hold through the remainder of the reporting season or whether any disappointments trigger renewed selling in the sector.
- ✓Detected and written at 2026-07-30 22:30
- ✓First reported by CNBC
- ✓Written from public facts in our own words — never a copy
- ✓Published as fast as possible; our team holds editorial responsibility
Sources
- CNBC — Top News: https://www.cnbc.com/2026/07/30/stock-market-today-live-updates.html
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