S&P 500 futures were higher on Thursday night. Futures for the overall index trading higher by 0.90%, while Nasdaq 100 futures higher by 1.23%. Dow Jones Industrial Average futures is higher 105 points.

Points to Know Before Market Opens

The Federal Reserve held its key funds rate steady, though not without dissent from two members, Michelle Bowman and Christopher Waller, marking a rare split decision. This news, despite being largely anticipated, initially led to a stock market dip after Chair Jerome Powell indicated uncertainty about the next policy move in September. However, stock futures rebounded on Thursday morning. Meanwhile, President Donald Trump has imposed a 50% tariff on copper imports starting Friday, placing it alongside steel and aluminum at this elevated rate. Later, he announced a deal with South Korea, setting tariffs at 15%. This comes as a deadline looms for new tariff payments.

It's been a good morning for megacap tech investors, with both Meta and Microsoft exceeding Wall Street's earnings expectations. Microsoft's after-hours surge even pushed its market capitalization above $4 trillion, a feat only previously achieved by Nvidia. Investors are now looking forward to Apple and Amazon's earnings reports, due after Thursday's closing bell. On the economic front, recent data has painted a "resilient" picture, according to Navy Federal Credit Union's chief economist, Heather Long. Private payrolls are back in expansion, and the GDP growth for the second quarter surpassed economist forecasts. Attention now shifts to the rest of the week's economic releases, including crucial inflation data and the all-important jobs report.

In other news, High Noon has issued a recall for some of its 12-packs due to a can branding error. While the outer boxes were correct and the contents were indeed vodka seltzer, the cans inside were mistakenly branded with Celsius energy drink logos.

The 10-year Treasury yield is lower by 0.034 at 4.344%. The 2-year Treasury is lower by 0.005 at 3.932%.