Stock market today: Nasdaq, Dow, S&P 500, Nasdaq set for more gains as Big Tech's AI spending shows no sign of letting up

US stock futures rose Friday, with Nasdaq-100 contracts up 1.2%, as Big Tech earnings revived optimism in the AI trade after South Korea's KOSPI jumped 14% overnight. Amazon shares jumped 10% in premarket after its earnings beat expectations and its chip business expanded, while Apple fell 7% on weaker Services and China revenue. The four hyperscalers—Amazon, Microsoft, Meta, and Alphabet—forecast spending $720 billion to $745 billion cumulatively on capital projects in 2026.

Stock market today: Nasdaq, Dow, S&P 500, Nasdaq set for more gains as Big Tech's AI spending shows no sign of letting up Techs soared as US stock futures extended gains on Friday morning, after South Korean stocks roared back and Big Tech earnings revived optimism in the artificial intelligence trade. Futures on the Dow Jones Industrial Average YM=F https://finance.yahoo.com/quote/YM=F/ rose roughly 0.6%, and those on the S&P 500 ES=F https://finance.yahoo.com/quote/ES=F/ moved up 0.4%. Contracts for the tech-heavy Nasdaq-100 NQ=F https://finance.yahoo.com/quote/NQ=F/ surged 1.2% after South Korea's KOSPI ^KS11 https://finance.yahoo.com/quote/^KS11/ index jumped 14% https://finance.yahoo.com/markets/stocks/articles/korean-stocks-jump-record-14-000934073.html overnight, triggering trading halts. Following Microsoft's MSFT https://finance.yahoo.com/quote/MSFT/ historic 15% stock rally, shares of Amazon AMZN https://finance.yahoo.com/quote/AMZN/ and Apple AAPL https://finance.yahoo.com/quote/AAPL/ also swung after delivering earnings on Thursday. Amazon stock jumped 10% in premarket trade after its earnings beat expectations https://finance.yahoo.com/news/amazon-beats-q2-earnings-expectations-as-ai-chip-businesses-see-25-billion-run-rate-115622323.html and its chip business expanded, while Apple stock fell 7%, as its Services and China revenue came up short. https://finance.yahoo.com/technology/article/apple-beats-q3-estimates-on-strong-iphone-sales-but-china-services-come-up-short-115246491.html The latest quarterly results from the "Magnificent Seven" companies showed that Big Tech continues to invest in AI, reassuring tech investors who had grown fearful of a slowdown in AI and higher interest rates. The four hyperscalers Amazon, Microsoft, Meta META https://finance.yahoo.com/quote/META/ , and Alphabet forecast spending $720 billion to $745 billion cumulatively on capital projects in 2026. Also on the earnings front, a slew of oil companies, including ExxonMobil XOM https://finance.yahoo.com/quote/XOM/ and Chevron CVX https://finance.yahoo.com/quote/CVX/ , are expected to report windfalls in Q2, as the US-Iran war and the subsequent energy shock have kept oil prices elevated. Oil prices eased as traffic through the Strait of Hormuz began to pick up, despite a reescalation in hostilities in recent days. US benchmark WTI crude futures CL=F https://finance.yahoo.com/quote/CL=F/ last traded at around $82 per barrel and global benchmark Brent BZ=F https://finance.yahoo.com/quote/BZ=F/ futures slipped below $86 per barrel. Higher energy and gas prices have weighed on consumers' budgets, contributing to depressed sentiment https://finance.yahoo.com/economy/article/consumer-confidence-fell-in-july-as-worries-over-prices-remained-elevated-144212918.html . The next check on how Americans are feeling from the University of Michigan comes out at 10:00 a.m. ET.