US Stock Pre-Market Report - July 28, 2026

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Pre-Market Performance

U.S. equity futures are mixed, with a clear rotation away from high-growth technology and toward blue chips. Nasdaq 100 futures are down 229.25 points, or 0.81%, to 27,960.8; S&P 500 futures are up 2.5 points, or 0.03%, to 7,450.8; and Dow Jones futures are up 387 points, or 0.74%, to 52,769.

European equities are modestly higher. The FTSE 100 is up 53.61 points, or 0.50%, to 10,835.36, with an intraday high of 10,856.51. France’s CAC 40 is up 9.02 points, or 0.11%, to 8,415.08, while Germany’s DAX is up 21.02 points, or 0.08%, to 25,382.05.

Commodities are softer as geopolitical risk premiums continue to unwind. Brent crude is trading near $84.37, down $1.50, or 1.75%; WTI crude is near $81.53, down $1.08, or 1.31%. Gold futures are down $52.05, or 1.28%, to $4,024.95, while silver is down 1.95% to $57.57. The U.S. Dollar Index is slightly firmer at 101.42, up 0.04%.

Hot News

• Oil extends decline as U.S.-Iran pause cools supply fears

  Crude prices are hovering around one-week lows as investors continue to price in a pause in U.S.-Iran hostilities. The pullback in Brent and WTI is easing some inflation pressure that had weighed on risk assets last week, though markets remain alert to Strait of Hormuz shipping risks.

• Rotation remains active ahead of heavyweight tech earnings

  Monday’s U.S. session ended mixed as investors shifted between sectors while awaiting major technology earnings. The pre-market setup shows a continuation of that split: Dow futures are firmly positive, while Nasdaq 100 futures are under pressure as investors reassess AI capital-spending expectations.

• AI spending scrutiny stays central to market sentiment

  Investors are focused on whether large-cap technology companies can justify elevated AI infrastructure spending with stronger revenue and cash-flow visibility. The earnings cycle is increasingly important for index direction because AI-linked companies have been a major contributor to expected S&P 500 profit growth.

• Snack-sector M&A stays in focus

  Family-owned and overseas food companies are showing continued interest in U.S. snack assets, following recent deal activity in the category. The trend is supportive for consumer-staples deal speculation as branded food companies look for scale, distribution and margin stability.

U.S. Stock Focus

• United Parcel Service: UPS raises full-year guidance after Q2 results

  UPS reported second-quarter revenue of $22.8 billion, diluted EPS of $0.71 and adjusted diluted EPS of $1.76. The company raised its 2026 outlook to approximately $91.2 billion in consolidated revenue, $8.65 billion in adjusted operating profit and adjusted EPS of about $7.22, citing completed Amazon volume reduction and network reconfiguration initiatives.

• PayPal: Q2 earnings and revenue top estimates

  PayPal reported second-quarter net income of $1.1 billion, profit of $1.25 per share and adjusted EPS of $1.38. Revenue came in at $8.68 billion, above the $8.51 billion consensus cited by Zacks, while the company guided for full-year earnings of $5.38 per share.

• Coca-Cola: Q2 revenue rises 7% and outlook improves

  Coca-Cola reported second-quarter net operating revenue of $13.38 billion, up 7% from a year earlier, while net income attributable to shareowners rose 16% to $4.43 billion. The company also reported 5% global unit case volume growth and lifted its full-year outlook, including organic revenue growth guidance of about 5%.

• Cadence Design Systems: Record backlog and higher 2026 outlook

  Cadence reported Q2 revenue of $1.584 billion, up from $1.275 billion a year earlier, with non-GAAP EPS of $2.11. The company said backlog reached a record $8.1 billion and raised its 2026 revenue outlook to $6.26 billion to $6.34 billion, citing demand for AI-driven design tools.

• Rambus: Record revenue driven by AI and data-center demand

  Rambus reported second-quarter revenue of $207.4 million, including product revenue of $99.2 million, royalty revenue of $84.2 million and contract and other revenue of $24.0 million. Non-GAAP EPS was $0.77, and management highlighted record product revenue tied to demand for memory-interface chips and silicon IP for AI infrastructure.

• F5: Product revenue growth supports raised fiscal-year outlook

  F5 reported fiscal third-quarter revenue of $865 million, up 11% year over year, with product revenue growing 19%. Non-GAAP EPS was $4.73, and the company raised its fiscal 2026 revenue-growth outlook to approximately 9% to 10%, with non-GAAP EPS guidance of $17.21 to $17.33.

• Boeing: Q2 results due before the open, delivery recovery in focus

  Boeing is scheduled to release second-quarter results today, with management set to discuss the quarter and outlook at 10:30 a.m. ET. Investors are focused on commercial aircraft delivery momentum after Boeing previously reported 171 commercial airplane deliveries in the second quarter and 314 for the first half of 2026.

• Visa: Fiscal Q3 report scheduled after the close

  Visa will report fiscal third-quarter 2026 results after today’s market close and hold its earnings webcast at 5:00 p.m. ET. The report will be closely watched for cross-border volume, U.S. payment trends and consumer-spending resilience.

• Ford Motor: Q2 earnings expected after the close

  Ford is scheduled to report second-quarter 2026 earnings after the market closes, with its webcast set for 5:00 p.m. ET. Investors will be watching vehicle pricing, warranty costs, EV losses, hybrid demand and management’s margin commentary for the second half of the year.

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