Nasdaq 100 and S&P500: US Stocks Open Higher as Arista and McDonald’s Lead Early Gains

Stocks Edge Higher as Traders Digest Mixed Earnings Reports

U.S. stock futures moved higher Wednesday morning as investors combed through a wide range of corporate earnings after a recent stretch of losses across major indexes.

S&P 500 futures rose 0.2%, Dow futures added 125 points (0.3%), and Nasdaq 100 futures also gained 0.2%, hinting at a stabilizing session after the S&P 500 logged its fifth loss in six days.

Are Earnings Surprises Fueling Sector Rebounds?

McDonald’s shares jumped over 4% after posting second-quarter earnings of $3.19 per share on revenue of $6.84 billion, beating analyst forecasts on both metrics. Same-store sales marked their best growth in nearly two years, reinforcing strength in the consumer staples sector.

Arista Networks surged 13% following a blowout quarter, delivering 73 cents per share on $2.20 billion in revenue—well above analyst expectations.

However, not all results impressed. Snap tumbled nearly 18% after narrowly missing on revenue, while Advanced Micro Devices fell 6% after delivering adjusted EPS of 48 cents, just shy of estimates.

The chipmaker continues to lag behind Nvidia in the GPU space, weighing on sentiment in semiconductors.

Is Tech Still a Drag on Broader Indexes?

Tuesday’s session saw tech stocks under pressure, pulling the Nasdaq Composite down 0.7%. The broader S&P 500 and Dow also closed lower, while the Russell 2000 bucked the trend with a 0.6% gain—offering a rare bright spot in small caps. Traders continue to evaluate whether recent tech underperformance is a short-term correction or something deeper.

Super Micro Computer dropped 17% after both its Q4 results and forward guidance missed expectations. Meanwhile, Opendoor plunged 21% after guiding Q3 revenue well below estimates, despite strong recent gains fueled by retail traders.

What Other Earnings Are Moving the Tape?

Disney fell over 1% after posting mixed results. Revenue came in slightly below expectations at $23.65 billion, though EPS beat at $1.61.

Rivian slumped 7% on a wider-than-expected loss, while Lucid gained 3% despite cutting its production outlook. Match Group rose nearly 7% on a strong Q3 revenue forecast, and Skyworks added 1% after upbeat guidance.

What’s Next for Market Direction?

With earnings now in full swing, traders are watching for continued sector-specific volatility. Broader market direction may hinge on upcoming inflation data and commentary from Federal Reserve officials. For now, the market appears to be in a consolidation phase, awaiting clearer signals before regaining upward momentum.

More Information in our Economic Calendar.