US stock futures rise after upbeat Amazon earnings; Apple slides

U.S. stock index futures rose on Thursday evening, extending gains after a positive session on Wall Street as upbeat earnings from Amazon and Microsoft lifted sentiment towards technology stocks.

But overall gains were limited by an aftermarket slide in Apple, after the iPhone maker forecast weaker than expected sales in the current quarter due to rising supply chain issues.

S&P 500 Futures rose 0.26% to 7,491.75 points by 20:10 ET (00:10 GMT). Nasdaq 100 Futures rose 0.7% to 28,440.0 points, while Dow Jones Futures rose 0.2% to 52,506.0 points.
Some cooling caution over Iran, amid reports of negotiations between Tehran and Oman over the Strait of Hormuz, aided sentiment, as did U.S. President Donald Trump announcing a disarmament agreement in Gaza.

But Wall Street was still nursing a rough start to the third quarter of 2026, and was headed for losses in July after a wipeout in tech and chipmaking valuations through most of the month.

Amazon surges on strong earnings, Apple slides
Amazon.com Inc (NASDAQ:AMZN) was a standout performer in aftermarket trade, rising 9.4% after the company clocked stronger-than-expected June quarter earnings.

The company’s AWS unit was a standout performer, marking its fastest growth in 18 quarters and helping spur renewed confidence in Amazon’s artificial intelligence ambitions.

The company said both its AI and custom chips businesses were rapidly gaining momentum.

Amazon’s print followed an upbeat quarterly print from Microsoft on Wednesday, helping reinforce market confidence in the AI trade and drawing back capital into battered tech and chipmaking stocks.

On the other hand, Apple Inc (NASDAQ:AAPL) slid over 6% in aftermarket trade, as disappointing sales in China and sluggish service sector revenue largely overshadowed bumper sales of its flagship iPhone.

Apple’s revenue growth forecast for the current quarter– of between 9% and 11% year-on-year– also missed Wall Street consensus of 12%.

The company flagged growing supply chain issues due to rising memory and component costs, as outsized demand from AI largely tightened global supplies.

Wall St rallies on tech fervor, but still set for July losses
Wall Street indexes clocked stellar gains on Thursday, with the S&P 500 up 1.7%, the Dow Jones Industrial Average up 1.2%, and the NASDAQ Composite up 2.8%.

Tech stocks were the best performers for the day, as upbeat earnings from Microsoft Corporation (NASDAQ:MSFT) helped dispel some concerns over bloated capital spending on AI. Chipmakers led Thursday’s rally, with the Philadelphia Semiconductor Index surging 8.2%.

Investors largely looked past a 8% slide in Meta Platforms Inc (NASDAQ:META) after the company hiked its annual capital expenditures guidance, amid continued, increased spending on AI.
But despite Thursday’s gains, Wall Street was still trading lower for July, following a high profile wipeout in chipmaking stocks earlier in the month.

The S&P 500 was set to lose 0.8% this month, while the Dow was down 0.2%. The Nasdaq was by far the worst performer with a 4.2% decline.