# S&P 500 futures edge higher as oil climbs

**Published:** 2026-07-31T10:08:42.368Z  
**Topic:** S P 500  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/fb660363-a432-4929-bcaa-18edb085d4f8

S&P 500 futures rise 0.23% as oil jumps 3.18% ahead of Fed rate decision, with investors awaiting interest rate guidance and watching earnings from Microsoft

S&P 500 futures edged higher by 0.23% to 4,417.5, while Dow Jones futures slipped 0.17% to 33,791 [1]. The move comes as oil prices climbed 3.18% to $81.75 per barrel, following a reported surprise attack by Iran, injecting fresh supply-chain anxieties into energy markets [3].

| At a glance | |
|---|---|
| S&P 500 futures | 4,417.5, up 0.23% |
| Dow Jones futures | 33,791, down 0.17% |
| Crude oil price | $81.75 per barrel, up 3.18% |
| 10-year Treasury bond yield | 4.61%, down from 4.64% yesterday [1] |

## Market reaction
The market reaction is largely driven by the upcoming Federal Reserve interest rate decision, with investors pricing in a 70.6% likelihood of the Federal Reserve leaving the current interest rates unchanged [1]. The CME Group's FedWatch tool shows that markets expect the Fed to hold interest rates steady, but traders see interest rates rising by at least 25 basis points by year-end [2]. The 10-year Treasury bond yield was at 4.61%, down from 4.64% yesterday [1].

## Earnings and guidance
Ford Motor rose 4.08% in premarket trading after reporting better-than-expected second-quarter earnings and raising its FY26 adjusted EBIT guidance [1]. Microsoft and Meta Platforms are expected to post quarterly earnings after the closing bell, with analysts expecting Microsoft to post earnings of $4.24 per share on revenue of $87.63 billion [1]. The second-quarter earnings season has reflected healthy corporate performance, with 85.2% of the 169 S&P 500 companies that have reported earnings having surpassed expectations [2].

## What to watch
* The Federal Reserve's interest rate decision, due at 2:00 p.m. ET, and the subsequent guidance on monetary policy
* Earnings reports from Microsoft, Meta Platforms, and other major companies, which will provide insight into the health of the corporate sector
* The 10-year Treasury bond yield, which will be closely watched for signs of changes in interest rate expectations

The significance of the Fed's decision and the earnings reports will be closely watched, as they will provide insight into the health of the economy and the direction of interest rates. The market's reaction to these events will be crucial in determining the trajectory of the S&P 500 and other major indices.

## Sources
1. Benzinga — [Stock Market Today: Dow Jones, S&P 500 Futures Rise as Investors...](https://www.benzinga.com/markets/equities/26/07/60750897/stock-market-today-dow-jones-sp-500-futures-rise-as-investors-await-federal-reserves-decision-on-interest-rates-ford-motor-bloom-energy-microsoft-in-focus)
2. Freemalaysiatoday — [S&P 500, Nasdaq futures edge higher ahead of Fed decision | FMT](https://www.freemalaysiatoday.com/category/business/2026/07/29/s-p-500-nasdaq-futures-inch-up-before-fed-decision)
3. Archyde — [Stock Market Live Updates: Oil Jumps, S&P Futures Edge Higher on...](https://www.archyde.com/stock-market-live-updates-oil-jumps-sp-futures-edge-higher-on-fed-decision/)

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Cite as: TrendWatcher, "S&P 500 futures edge higher as oil climbs", https://www.trendwatcher.in/article/fb660363-a432-4929-bcaa-18edb085d4f8