By Medora Lee

Street signs hang outside the New York Stock Exchange (NYSE) at Wall Street in New York on February 3, 2025. Stock markets slumped Monday over concerns about the global economy after US President Donald Trump announced tariffs on Canada, China and Mexico. (Photo by ANGELA WEISS / AFP) (Photo by ANGELA WEISS/AFP via Getty Images)

U.S. stock futures are higher after Meta and Microsoft reported better-than-expected quarterly results.

Both companies are part of the so-called Magnificent Seven megacap, influential tech giants. After reporting strong results, Microsoft shares rose to push the software giant's valuation past the $4 trillion mark. The only other company that has achieved that is chip maker Nvidia, which did earlier this month to become the first company ever to top $4 trillion.

At 6:10 a.m. ET, futures tied to the blue-chip Dow added 0.33%, broad S&P 500 futures rose 0.95% and tech-heavy Nasdaq futures climbed 1.28%.

More earnings are on tap. Comcast, Bristol-Myers Squibb, Cigna, CVS Health, Shake Shack, AbbVie and Mastercard are among the companies set to report earnings before the opening bell. Results from Apple and Amazon are due in the afternoon.

More trade deals

Some countries are scrambling to strike a trade deal by the Aug 1 deadline coming soon.

South Korea agreed to a 15% tax on the country's incoming goods into the United States.

Commerce Secretary Howard Lutnick also said deals were made with Cambodia and Thailand.

President Donald Trump and his Mexican counterpart Claudia Sheinbaum plan to talk about tariffs.

Corporate news

• Alignment Healthcare surprised with a second-quarter profit as sales topped forecasts. It also provided current quarter sales guidance above Street views.

• Microsoft beat estimates in the last three months of its fiscal year.

• Facebook-parent Meta topped quarterly estimates and issued sales guidance above analysts' estimates.

• Ford beat second-quarter sales predictions and reinstated its full-year guidance, but raised its estimate ot the hit from tariffs.

• Arm Holdings earnings per share in the first three months of its fiscal year matched forecasts but sales were just shy

• Robinhood beat quarterly estimates in its second quarter.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.

US stock futures higher after Meta, Microsoft results was originally published on USA TODAY