U.S. stock futures are showing modest gains this Tuesday morning, July 29, 2025, as investors brace for a week packed with critical economic data, major corporate earnings, and a highly anticipated Federal Reserve policy meeting. This premarket uptick follows a mixed close on Monday, where the S&P 500 and Nasdaq Composite continued their record-setting run, while the Dow Jones Industrial Average saw a slight dip.
Premarket Activity and Index Performance
As of early Tuesday, S&P 500 futures (SPX) are up approximately 0.1% to 0.24%, trading around 6,426.50 to 6,439.75 points. Nasdaq 100 futures (NDX) are showing stronger momentum, gaining between 0.2% and 0.5% to hover around 23,526.75 to 23,593.25 points. Dow Jones Industrial Average futures (DJIA) are also in positive territory, up about 0.1% to 0.21%, trading near 45,000.0 to 45,100.00 points. This premarket strength suggests a cautiously optimistic start to the trading day.
The positive sentiment in futures builds on Monday's performance in the regular session. The S&P 500 (SPX) managed to eke out a marginal gain, closing at 6,389.77, up 0.02%, marking its 15th record close of 2025. The technology-heavy Nasdaq Composite (IXIC) also extended its record run, rising 0.33% to close at 21,178.58. In contrast, the Dow Jones Industrial Average (DJIA) edged lower, declining 0.14% to finish at 44,837.56. The divergence suggests investors are leaning into growth-oriented stocks, particularly in the tech sector.
Key Market Events on the Horizon
The financial world's attention is largely fixed on the Federal Reserve's two-day policy meeting, which commences today, July 29, and concludes tomorrow. The central bank is widely expected to maintain its short-term interest rate unchanged in the target range of 4.25% to 4.5% for the fifth consecutive meeting. This decision comes despite ongoing political pressure for rate cuts and recent inflation data showing the Consumer Price Index (CPI) at 2.7% year-over-year in June, with core prices at 2.9%, both above the Fed's 2% target. Any commentary from Fed Chair Jerome Powell regarding the future path of monetary policy, particularly concerning inflation and potential rate cuts, will be closely scrutinized.
Beyond the Fed, a flurry of economic data releases is scheduled for this week. Today's calendar includes the Job Openings and Labor Turnover Survey (JOLTS) data for June, as well as the Consumer Confidence report for July and Advance International Trade in Goods data for June. These reports will provide fresh insights into the health of the U.S. labor market and consumer sentiment. Later in the week, investors will be watching ADP private payrolls and the first release of second-quarter Gross Domestic Product (GDP) on Wednesday, followed by jobless claims and the Personal Consumption Expenditures (PCE) index on Thursday. The week culminates on Friday with the highly anticipated July jobs report, a key indicator for the Fed's future decisions.
Adding to the economic landscape, the International Monetary Fund (IMF) is set to release its World Economic Outlook Update today at 9:00 AM ET, which could provide revised global growth forecasts and influence market sentiment. Furthermore, trade negotiations remain a significant factor, with a key tariff deadline approaching on Friday, August 1, for several major U.S. trading partners, including Canada, Mexico, and the European Union. U.S. and Chinese officials also held trade talks in Stockholm on Monday, with an August 12 deadline looming for potential tariffs.
Major Corporate News and Earnings
This week marks the busiest period of the earnings season, with over 150 S&P 500 companies slated to report. Today, several prominent companies are releasing their quarterly results before the market opens:
- Procter & Gamble (PG): The consumer goods giant is expected to report an earnings per share (EPS) forecast of $1.43, a 2.14% increase year-over-year.
- UnitedHealth Group (UNH): The healthcare conglomerate's consensus EPS forecast is $4.84, representing a 28.82% decrease compared to the same quarter last year.
- Boeing (BA): The aerospace and defense company is expected to report an EPS of $-1.54, a 46.90% increase from the prior year.
- Spotify Technology (SPOT): The audio streaming service is reporting for the quarter ending June 30, 2025.
- United Parcel Service (UPS) and PayPal Holdings (PYPL) are also among the notable companies reporting today. Other companies reporting today include Visa (V), Merck (MRK), Royal Caribbean Group (RCL), Johnson Controls (JCI), American Tower Corporation (AMT), Ecolab Inc. (ECL), and AstraZeneca (AZN).
The latter half of the week will see earnings from four of the "Magnificent Seven" tech giants, which could significantly sway market direction. Meta Platforms (META) and Microsoft (MSFT) are scheduled to report on Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday. Investors will be keen to hear any updates on artificial intelligence (AI) spending and its impact on these companies' performance.
In other significant corporate news, Koninklijke Philips N.V. (PHG) saw its shares surge by 9% to 12% in premarket trading after raising its full-year profitability outlook, citing a milder-than-feared impact from trade tensions. Conversely, Tilray Brands (TLRY) shares dropped 7% following mixed fourth-quarter results and a substantial net loss driven by impairment charges. Whirlpool (WHR) also experienced a significant decline of 13% after missing its second-quarter estimates and lowering its full-year EPS forecast.
Overall, today's trading session is set to be dynamic, influenced by the ongoing Federal Reserve meeting, a heavy slate of earnings reports, and continued developments in global trade relations.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.