Morning Read: tech futures rise as Apple and Amazon reset the tape

Snapshot: 31 July 2026, 03:58–04:09 ET. U.S. equity futures were higher: S&P 500 futures gained 0.46%, Nasdaq-100 futures 1.18%, and Dow futures 0.53%. WTI crude fell 1.73% to $82.14. The dollar index was near 100.2 and firmer, while Cboe's official feed put the 30 July VIX close at 16.86, down 1.35%. The opening signal is therefore stronger for equities but still carries a live rates test and two major post-results resets.

Macro overnight

Japan was the clear regional outlier, with the Nikkei 225 up 4.03%. Shanghai also advanced, while Hong Kong sat close enough to unchanged that the two feeds assigned opposite signs; the table preserves that disagreement rather than forcing a direction. Early European levels were higher in both feeds, although their percentage-change baselines did not fully agree. Levels and shared direction are therefore more reliable here than a single precise continental percentage.

Cross-asset signals were mixed. Both feeds printed gold at $4,127.60, but their session-change signs differed, so this read does not call a gold direction. They agreed that the dollar was firmer near 100.2 and WTI was lower at $82.14. Official Cboe data showed the VIX closed 30 July at 16.86, down 1.35%; that is a completed cash-session observation, not an overnight live-volatility quote.

Official Treasury data placed the 30 July close at 4.23% for 2 years and 4.68% for 10 years. At 08:30 ET today, the U.S. Bureau of Labor Statistics schedules the Q2 2026 Employment Cost Index. The release can change the wage-inflation and policy-rate discussion, so the rates move after 08:30 ET matters more than treating the pre-release curve as settled.

Your tickers

AAPL: Apple reported fiscal-Q3 revenue of $109.4 billion, up 16%, gross margin of 50.1%, and diluted EPS of $2.02, up 29%. Tariff refunds added about 2 percentage points to gross margin and $0.11 to EPS, so the reported quarter contains a favourable item that should not be mistaken for wholly recurring operating leverage.

AMZN: Amazon reported Q2 net sales of $200.6 billion, up 20%, and operating income of $27.5 billion, up 43%. AWS sales rose 37% to $42.2 billion. For Q3, Amazon guided net sales to $197.0–$202.0 billion and operating income to $22.5–$26.5 billion; those ranges, rather than one headline growth number, set the next comparison.

TE: T1 Energy announced $120.0 million of 4.75% convertible senior notes due 2031, with closing expected on 31 July 2026. The company said proceeds are intended for Phase 1 of its G2_Austin solar-cell factory and general purposes. For owners, the useful follow-up is the funding bridge, final terms and dilution path—not a guess from one financing headline.

GDYN: Grid Dynamics reported Q2 revenue of $108.2 million, slightly above its prior $106.0–$108.0 million range, and said AI revenue reached 30.7% of quarterly revenue. That makes revenue mix and the durability of demand from large technology customers the relevant next checks.

What to watch on 31 July

• 08:30 ET — labour costs: read the Q2 2026 Employment Cost Index first, then compare the 2-year and 10-year Treasury reaction with the pre-release 4.23% / 4.68% close.
• AAPL and AMZN: rebuild live share quotes and listed option surfaces after the cash open; yesterday's closes and after-hours shares do not create a post-results listed-option market.
• TE and GDYN: separate financing and operating evidence from first-session price noise; verify any new filing or guidance detail before using it.
• Oil, dollar and volatility: WTI near $82, a firmer dollar and the prior VIX close at 16.86 can pull different sectors in different directions even when index futures are green.

For wheel education, a post-results option premium pays for a newly widened distribution of outcomes; it is not proof that assignment risk improved. A disciplined comparison waits for listed markets to reopen, rebuilds the exact contract with current bid, ask and liquidity, and keeps company evidence separate from one opening gap. This is scenario analysis, not a recommendation.