Strong earnings from Microsoft and resilient consumer spending are helping stabilize markets, even as investors reassess Big Tech, free cash flow and AI investment. Plus, cloud growth, AI infrastructure, and sector rotation continue creating opportunities across technology and the broader market. Later, Fed uncertainty, persistent inflation, higher bond yields and geopolitical risks keep investors focused on interest rates and the outlook for equities.<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Tech earnings, AI spending and Fed uncertainty drive markets 7/30/26

Morning Call

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Stock stabilizing. I'm Morgan Brennan and this is your Morning Call. Good Thursday morning. Let's get a check on U.S. stock futures, which are in the green this morning, attempting a rebound, albeit very modestly. Right now, pre-market, the S&P is poised to open up by about three points, so basically around the flatline.

Dow 40 points. The Nasdaq is poised to open up 35 points. This, of course, after a very broad-based sell-off. Yesterday, the Dow coming off a more than 1,100-point slide. It was the worst day for the Dow industrials since April of 2025. We saw 1%-plus moves lower for the other major averages as well. The Nasdaq is now sitting in correction territory. It's down more than 10% from its 52-week high. And you can see that the S&P is down about 4%.

The Russell 2000, the small cap, is down about 4.6%. It's really been tech that has led the charge lower. We'll see how things go today as we continue to digest mega-cap tech earnings. This, of course, also after Kevin Worsh delivered his first policy decision as Fed chairman, holding rates steady in the face second policy decision. It's facing sticky inflation and growing dissent for a hike.

Tech earnings, AI spending and Fed uncertainty drive markets 7/30/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Tech earnings, AI spending and Fed uncertainty drive markets 7/30/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.