A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 30, 2025.
Jeenah Moon | Reuters
S&P 500 futures were little changed on Thursday night as traders digested the latest Big Tech earnings and awaited July’s jobs report.
Futures tied to the broad market index were down 0.1%, while Nasdaq 100 futures slipped 0.2%. Futures tied to the Dow Jones Industrial Average lost 25 points, or 0.05%.
In extended trading, shares of Amazon tumbled more than 7% after the e-commerce giant provided light operating income guidance for the current quarter. Apple shares jumped 2% on the back of an earnings and revenue beat.
Stocks are coming off of a lackluster trading session, which saw the S&P 500 notch its third straight losing day as solid earnings from Microsoft and Meta Platforms failed to lift the broader market. The S&P 500 ended Thursday down 0.4%, while the Nasdaq Composite closed marginally lower. Both the S&P 500 and Nasdaq had hit intraday records earlier in the session until the tech-fueled rally fizzled. The 30-stock Dow lost about 330 points, or 0.7%.
“The S&P 500 forecast remains bullish for now, but the path forward looks uncertain. On one hand, Big Tech is delivering in spades, feeding into the [artificial intelligence] gold rush and lifting equity markets to record highs,” said Fawad Razaqzada, analyst at City Index. “On the other, geopolitical tensions, valuation concerns and monetary policy uncertainty are threatening to pull the rug from under this rally.”
A couple of big market catalysts loom on Friday. July’s jobs report will be due at 8:30 a.m. ET, and the reading is expected to show a slowing labor market. Dow Jones estimates call for a 100,000 increase to payrolls over the month and for the unemployment rate to creep higher to 4.2%.
Further, President Donald Trump’s “reciprocal” tariff deadline will take effect on Friday. He has been insistent that he will not extend the deadline for the levies, which will apply to dozens of countries. Trump also said this week that the U.S. will impose a 25% tariff on goods from India, starting on Friday.
In what’s been an eventful month for stocks, the major averages managed to close out July with gains. The S&P 500 ended the month up 2.2%, while the Nasdaq logged a 3.7% advance. The 30-stock Dow eked out a slim gain of less than 0.1%.
Week to date, the broad market index is on pace for an 0.8% loss, while the Dow is off 1.7%. The Nasdaq is tracking for an advance of less than 0.1%.