This content was published on
July 29, 2026 - 09:35
4 minutes
(Bloomberg) — US stocks edged higher as traders held off on major bets ahead of a US interest-rate decision where markets see room for a hike and earnings from two of the world’s biggest spenders on artificial intelligence.S&P 500 futures rose 0.2%. Nasdaq 100 contracts were flat after a selloff in chipmakers left the underlying index on the brink of a technical correction. Treasuries stalled after three days of gains, with traders assigning about a 30% chance of a Federal Reserve rate increase. The dollar barely budged.Earnings from Meta Platforms Inc. and Microsoft Corp. will arrive at a time when the AI trade is faltering, with traders questioning whether the vast, often debt-fueled spending behind the global buildout can deliver returns.Chipmakers are also under pressure as uncertainty over AI spending casts doubt on whether their lofty margins can be sustained. Memory maker SK Hynix Inc. plunged more than 9% in South Korea even after reporting a more than fivefold increase in operating profit.“I hope that Meta and Microsoft can confirm the capex spree in the industry and reassure the market about semiconductors,” said Fares Hendi, a portfolio manager at Société de Gestion Prévoir in Paris.In Europe, strong earnings and higher energy prices fueled the Stoxx 600 to a fourth straight day of gains. Kering SA rallied 11% after Gucci sales topped estimates in the second quarter. Deutsche Bank AG shares rose on strong revenue.Brent climbed 3.7% to above $87 a barrel, rebounding from its biggest three-day decline since April 2020 following a flare-up of violence in the Middle East.Corporate News:Deutsche Bank AG’s revenue from fixed-income trading jumped in the second quarter as the unit outperformed most of its US peers. SK Hynix Inc. earmarked at least $31 billion in capital spending this year after reporting a six-fold surge in quarterly profit, a record outlay that coincides with growing fears about overinvestment in AI capacity. UBS Group AG announced a new $3 billion share buyback program to run until mid-2027, giving investors more clarity on payouts amid ongoing uncertainty over the bank’s future capital requirements. Standard Chartered Plc unveiled a fresh $1 billion share buyback as second-quarter earnings beat expectations, while it booked more charges tied to the conflict in the Middle East. Porsche AG reaffirmed its full-year earnings guidance after first-half profitability rose, offering tentative signs that the sports-car maker’s turnaround is beginning to gain traction. Hermès sales rose in line with expectations as the Birkin bag maker weathered a downturn in the demand for luxury goods better than its peers. Some of the main moves in markets:StocksThe Stoxx Europe 600 rose 0.2% as of 8:33 a.m. London time S&P 500 futures rose 0.2% Nasdaq 100 futures rose 0.1% Futures on the Dow Jones Industrial Average were little changed The MSCI Asia Pacific Index fell 0.7% The MSCI Emerging Markets Index fell 1.3% CurrenciesThe Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1398 The Japanese yen rose 0.2% to 163.60 per dollar The offshore yuan was little changed at 6.7668 per dollar The British pound rose 0.1% to $1.3303 CryptocurrenciesBitcoin rose 0.8% to $64,377.03 Ether was little changed at $1,914.7 BondsThe yield on 10-year Treasuries was little changed at 4.61% Germany’s 10-year yield advanced two basis points to 3.12% Britain’s 10-year yield advanced two basis points to 4.97% CommoditiesBrent crude rose 3.6% to $87.09 a barrel Spot gold rose 0.4% to $4,046.77 an ounce This story was produced with the assistance of Bloomberg Automation.©2026 Bloomberg L.P.
