US stock market today: S&P 500, Nasdaq futures extend rally on strong tech earnings; Amazon up 13%

The rebound in technology stocks, driven by upbeat quarterly earnings, extended into Friday's trade. Nasdaq-100 futures advanced 1.2% after the index rallied 3.36% in the previous session. Futures tied to the Dow Jones Industrial Average and the S&P 500 also gained 0.6% and 0.5%, respectively.

Technology stocks continued to lead Wall Street higher as stronger-than-expected June-quarter earnings boosted investor confidence. However, the recovery remained selective, with gains concentrated in companies that delivered earnings beats rather than across the broader technology sector.

Following its better-than-expected quarterly results, Amazon shares surged 13% in pre-market trading. In contrast, Apple tumbled 7% after its earnings disappointed investors.

Meta Platforms edged higher after plunging 8% in the previous session, while Microsoft extended its gains after soaring 15% on Thursday following robust earnings.

Technology stocks witnessed sharp volatility throughout the week as investors weighed quarterly earnings, escalating geopolitical tensions in the Middle East, and uncertainty surrounding the US Federal Reserve's upcoming policy decision.

Investor sentiment was also dented by the sell-off in South Korean chipmakers such as SK Hynix and Samsung Electronics, along with intensifying competition from Chinese rivals.

Despite Friday's rebound, the Nasdaq-100 remained on track to end July with a decline of more than 7%, marking its biggest monthly drop in over a year. The Dow Jones and S&P 500 were also poised to end the month modestly lower.

Meanwhile, the conflict between the US and Iran proved beneficial for major oil producers as elevated crude prices boosted their earnings. Exxon Mobil reported a 105% year-on-year jump in second-quarter net profit to $14.53 billion, while revenue rose 42% to $116.02 billion.

Chevron posted an even stronger performance, with net profit soaring 385% year-on-year to $12.07 billion, while revenue increased 56% to $70.06 billion.

Although companies such as Exxon and Chevron do not determine crude oil prices, the sharp rise in benchmark prices—from around $68 to $115 a barrel during the quarter—significantly lifted their realisations and earnings. Oil prices are primarily driven by global supply and demand dynamics and traders' expectations, AP reported.

Crude oil remains elevated

Amid escalating tensions in West Asia, crude oil prices remained elevated on Friday, even as tanker traffic through the Strait of Hormuz reportedly increased after a recent slowdown, allowing millions of barrels of crude to pass through the critical shipping route.

Brent crude futures rose $1.71 to an intraday high of $88.59 a barrel, while WTI crude futures gained $1.40 to $85 a barrel.

Both benchmarks have rallied more than 20% in July, putting them on track to snap a two-month losing streak. If sustained, which appears likely, the rally would mark their second-best monthly performance of 2026.

According to a CNBC report, Iran's military said on Friday that it had launched attacks on strategic US assets and military bases in Kuwait and Bahrain, following the latest wave of US strikes against the Islamic Republic.

Geopolitical tensions intensified after Iran launched a surprise attack on US military installations across Gulf nations, raising fears of a broader regional conflict and keeping energy markets on edge.

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