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US Equity Futures Rise Pre-Bell Amid Latest Big Tech Earnings, Fed Rate Decision

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US equity futures were higher pre-bell Thursday as traders took note of the Federal Reserve's decision to leave interest rates unchanged, as well as the latest round of earnings from major tech players Microsoft (MSFT) and Meta Platforms (META).

Dow Jones Industrial Average futures were 0.4% higher, S&P 500 futures were up 0.6%, and Nasdaq futures were 1.4% higher.

The Fed held its policy rate steady in a divided decision, as three officials called for policy tightening. The Federal Open Market Committee maintained the target range for the federal funds rate at 3.50% to 3.75%, marking its fifth consecutive pause. The committee reiterated its pledge to "deliver price stability" as inflation remained above the 2% target amid supply shocks.

Late Wednesday, Microsoft reported higher fiscal Q4 adjusted earnings and revenue, while Meta posted a decline in earnings and higher revenue for Q2.

Apple (AAPL) is expected to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $1.89 per share on revenue of $109.04 billion.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.2% at $87.06 per barrel and US West Texas Intermediate crude 1.2% lower at $83.41 per barrel.

The June core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, scheduled for release at 8:30 am ET, is expected to increase 0.2%, compared with the prior month's gain of 0.3%, according to estimates compiled by Bloomberg.

Initial jobless claims are projected to have increased to 200,000 in the week ended July 25 from 187,000 in the previous week. The advance estimate for Q2 GDP is seen coming in at 2.0%, down from 2.1% in the previous quarter.

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