Market Summary - July 30, 2026
Equities & Market Overview
Wall Street experienced a significant rebound, driven by strong earnings reports from major companies such as Microsoft and Lam Research, alongside a less hawkish tone from the Federal Reserve. The S&P 500 futures rose by 1.6%, while Dow Jones futures increased by 1.1%. Market attention is now focused on upcoming earnings reports from Amazon, Apple, and Chevron.
The tech sector, particularly the Nasdaq 100, saw a notable surge of 3.4% as investors shifted capital from value and defensive stocks into technology and semiconductor sectors, which collectively gained 5.5%. The AI trade was revitalized following impressive results from Microsoft, which reported a 17% increase in stock value due to a 43% growth in Azure services, and Lam Research, which saw a 30% revenue increase.
European markets also closed significantly higher, with Spain's IBEX 35 leading the way with a 2.0% increase, followed by Italy's FTSE MIB (+1.9%), Dutch AEX (+1.65%), and others, including the German DAX and French CAC 40, both up by 1.1%.
Macroeconomic Highlights
The US GDP growth for Q2 2026 was reported at an annualized rate of 1.5%, falling short of the 2.1% forecast, primarily due to declines in exports, government spending, and business investment amid ongoing geopolitical uncertainties.
Personal consumption expenditures (PCE) showed a growth of 0.3%, slightly below the expected 0.4%. Core PCE inflation also missed expectations, coming in at 0.1% month-over-month against a forecast of 0.2%, while year-over-year figures remained stable at 3.3%.
In the Eurozone, unemployment rates held steady at 6.3% for June, matching the previous month's figures.
Central Banks & FX
The Bank of England (BoE) decided to maintain its main interest rate at 3.75% following a tighter-than-expected vote (6-3). Governor Bailey's support for this pause has left the possibility of a rate hike in September uncertain, resulting in a 0.8% rise in GBP/USD.
In the foreign exchange market, the US Dollar continued its decline post-FOMC meeting, dropping by 0.9%. The Japanese Yen outperformed other G10 currencies, likely due to suspected intervention by Japanese authorities, with USD/JPY falling by 2.7%. Risk currencies such as AUD and NZD also saw gains, while EUR/USD rose by 0.6% to 1.1530.
Commodities & Precious Metals
Crude oil prices experienced a pullback, with Brent futures decreasing by 1.1% to $87.20 per barrel and WTI down by 0.5% to $84.30 per barrel. European natural gas futures fell by 4.0%, while NYMEX natural gas saw a slight increase of 0.9%.
In the precious metals market, gold and silver prices rebounded due to a weaker dollar and lower interest rate expectations. Gold rose by 1.0% to $4,105 per ounce, while silver gained 2.05% to $58.84 per ounce.
Upcoming Events
Market participants are looking forward to key European CPI readings and earnings reports from major oil companies, which are expected to provide further insights into market trends.