Stock Futures Higher Amid Big Tech Earnings, Inflation Data

Stock futures are surging following yesterday's decision from the Fed to leave rates unchanged and this morning's strong revenue out of Meta Platforms (META) and Microsoft (MSFT). Also in focus are trade negotiations between the U.S. and China, with Treasury Secretary Scott Bessent saying the pair have the "makings of a deal," as tomorrow's Aug. 1 trade deadline approaches.

Jobs data for the week rose to 218,000, pointing toward low layoff activity. Meanwhile, inflation posted its largest increase in four months, as the personal consumption expenditures (PCE) price index core PCE index both rose 0.3%, 

Continue reading for more on today's market, including:

• Schaeffer's Senior Quantitative Analyst Rocky White shares the best and worst stocks to buy in August and September.
• 3 stocks ripe for a short squeeze
• Plus, three stocks making major noise after earnings.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 2 million call contracts and 1.2 million put contracts traded on Wednesday. The single-session equity put/call ratio rose to 0.59, while the 21-day moving average remained at 0.59.
2. Car selling platform Carvana Co (NYSE:CVNA) is up 16.6% before the bell, after the company posted a year-on-year rise in revenue on the back of record retail unit sales and a second-quarter earnings beat. Several analysts have chimed in, including praise from Jefferies on its long-term gain potential. Should these gains hold, the shares could mark a fresh record high and break out above the $360 ceiling.
3. Robinhood Markets Inc (NASDAQ:HOOD) stock is down 1.7% in premarket trading, as investors brush off the company's second-quarter earnings and revenue beat. Year to date, the equity is up an impressive 184%. 
4. Meta Platforms (NASDAQ:META) is up 11.4% ahead of the open, with the Instagram parent fresh off an impressive second-quarter earnings and revenue beat. Revenue jumped 22%. META is sporting an 18.7% year-to-date gain, and with today's boost is eyeing a fresh record high.
5. More earnings are on deck this week.

Asian Markets Mixed, Trade Deals In Focus

Japan’s Nikkei finished the day 1% higher, after the Bank of Japan (BoJ) kept short-term interests unchanged at 0.5% for the fourth time in a row (in line with estimates). The rest of the region didn’t fare as well, however, with Hong Kong’s Hang Seng dropping 1.6% and China’s Shanghai Composite losing 1.2%. The South Korean Kospi shed 0.3% after President Donald Trump said the U.S. reached a trade deal with the country, with tariffs lowered to 15% from 25% in exchange of a $350 billion dollar investment from Seoul.

European markets are mixed, as investors unpack the latest corporate earnings reports as well as Germany’s cooler-than-expected harmonized consumer inflation reading for July. London’s FTSE 100 was last seen up 0.4%, while the French CAC 40 and German DAX fall 0.4% and 0.2%, respectively.