Tech Giants Fuel Market Optimism

Microsoft and Meta Earnings Drive Futures Higher

Futures for major U.S. stock indices showed gains Thursday morning, buoyed by strong financial results from technology behemoths Microsoft and Meta Platforms. This positive momentum follows a mixed trading session on Wednesday.

Tech Titans Surge on Strong Earnings

S&P 500 futures climbed 0.9%, while Nasdaq 100 futures advanced 1.31%. The Dow Jones Industrial Average futures indicated a 0.29% increase. These upticks were largely attributed to the impressive quarterly earnings posted by Microsoft and Meta.

Microsoft saw its shares jump approximately 8% in extended trading after reporting that annual revenue from its Azure cloud service surpassed $75 billion. Meta experienced an even larger surge, climbing about 11%, driven by an optimistic third-quarter sales forecast that exceeded market expectations.

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., July 30, 2025. | Reuters

Trade Deal Eases Tariff Concerns

Adding to the market’s positive sentiment, President Donald Trump announced a trade agreement with South Korea on Wednesday evening, establishing tariffs at 15%. This rate is lower than the 25% previously threatened, providing some relief ahead of Friday’s significant tariff deadline.

Fed Signals No Imminent Rate Cuts

In contrast to the buoyant futures market, Wednesday’s regular trading session saw the S&P 500 close down 0.12%, and the Dow Jones Industrial Average shed 0.38%. The Nasdaq Composite managed a slight gain of 0.15%. These declines followed Federal Reserve Chair Jerome Powell‘s remarks indicating that the central bank is not yet ready to reduce interest rates.

While the Federal Reserve maintained its benchmark interest rate at 4.25% to 4.50% following its July meeting, notable dissent was registered by governors Michelle Bowman and Christopher Waller. When questioned about a potential September policy shift, Powell stated that the Fed “made no decisions.”

Investment analyst Ross Mayfield of Baird suggested that Wednesday’s market dip was understandable given the current “stretched” valuations. He noted that with much positive news already priced in, even minor hawkish comments from the Federal Open Market Committee presser could significantly influence market sentiment, which has recently returned to a bullish tone, prompting a need for consolidation.

Key Economic Data on Watch

Traders will closely monitor Thursday’s release of the personal consumption expenditures (PCE) price index for June, the Fed’s favored inflation indicator. Economists anticipate a 2.5% year-over-year increase and a 0.3% monthly rise for the headline PCE. Weekly jobless claims data will also be released.

Earnings Season Heats Up

Several prominent companies are scheduled to report their earnings before the market opens on Thursday, including Comcast, Bristol-Myers Squibb, Cigna, CVS Health, Shake Shack, AbbVie, and Mastercard. Investors will also be awaiting results from Apple and Amazon later in the afternoon.

Condiments are getting an upgrade. Chefs are taking their signature sauces and dips outside the kitchen. And “swicy” still reigns.

Those food trends were all on display at the Specialty Food Association’s Summer Fancy Food Show, which returned to the Javits Center in New York this week.

From Sunday to Tuesday, more than 2,000 exhibitors showed off a range of specialty food and drinks, offering attendees a glimpse at the products headed for grocery aisles and restaurants in the near future.

“It’s always been the show where people go to see the trends,” said Christine Couvelier, a culinary trend spotter and founder of the Culinary Concierge.

Couvelier, a seasoned show attendee, guided CNBC through three floors of booths, highlighting the trends — and winners — on her radar.

Past show trends that are now making their way to mainstream consumers’ palettes include new uses for vinegar, oil-based hot sauce and lavender as a flavor. But not all trends have that kind of staying power.

“I think I’ve seen six booths that have Dubai chocolate. We won’t see Dubai chocolate next year,” Couvelier said, referring to the chocolate bars filled with kadayif and pistachio that have taken over TikTok, grocery stores and even Shake Shacks nationwide.

The trade show has also traditionally been a springboard for new brands seeking to expand their reach. Honest Tea, Ben & Jerry’s and Tate’s Bake Shop are among the companies that attended the show in their early days on their way to becoming well-known consumer brands.

Here are some highlights from this year’s Summer Fancy Food Show:

New takes on olive oil

Table of Contents

New takes on olive oil
Mustard’s moment
Plant-based 2.0
Chef-led brands
The age of swicy
Beef tallow

Castillo de Canena shows off its olive oils at the Summer Fancy Food Show

CNBC | Amelia Lucas

Home cooks in the U.S. have been using olive oil for several decades. In recent years, olive oil has branched out, with more focus on the flavor that it offers, whether it’s drizzled on top of ice cream or used in cakes.

But the cooking staple is now getting an upgrade, thanks to infusions of trendy flavors. For example, Castillo de Canena, a family-owned Spanish company, has been making olive oil for centuries, but its booth highlighted two newer additions to its line: harissa olive oil and olive oil finished in sherry casks.

Mustard’s moment

Caplansky’s Delicatessen shows off its small-batch mustard line.

CNBC | Amelia Lucas

Olive oil isn’t the only pantry staple getting a makeover. The mustard category could be heading for a shakeup, thanks to a few new entrants hoping to enliven the tired condiment.

Pop Mustards pitches itself as the “caviar of mustards” because it uses whole mustard seeds, giving the condiment a new texture. The company also uses fermentation, smoking, brining and other methods to bring more flavor out of the seeds.

Caplansky’s Delicatessen showed off a more traditional take on the condiment at its booth, inspired by classic deli mustards. But its product lineup offers more flavor than the classic yellow mustard or dijon found in fridges today.

Plant-based 2.0

Umyum displayed its cashew-based cheese and vegan butter.

CNBC | Amelia Lucas

Since Beyond Meat’s meteoric rise, plant-based purveyors have displayed their vegetarian substitutes at the Summer Fancy Food Show. But as the category struggles, the number of booths hawking plant-based products dwindled this year.

Still, the category hasn’t disappeared altogether. Instead, exhibitors presented their products by leading with their taste, rather than their vegan or vegetarian bona fides.

For example, Umyum displayed its cashew-based cheese and butter substitutes, with packaging that reads, “Our craft just happens to be plantbased.”

Chef-led brands

Chef Michael Solomonov is selling his hummus through his brand Zahav Foods.

CNBC | Amelia Lucas

During the pandemic, many restaurant chefs pivoted to selling at-home versions of their beloved sauces, condiments and other foods that can be easily canned or packaged. Even after eateries reopened their dining rooms, some chefs have stuck with it.

“This is a longer lasting trend, and it’s the passion around making the best version of that food that there is, and now the chef wants you to have it at home,” Couvelier said.

At this year’s show, exhibitors included Zahav Foods, the packaged food brand of chef Michael Solomonov, known for his restaurants Zahav in Philadelphia and Laser Wolf in New York. The mustard brand Caplansky’s Delicatessen is also the brainchild of chef Zane Caplansky.

The age of swicy

Slawsa’s display of its sweet and spicy cabbage-based relishes

CNBC | Amelia Lucas

“Swicy” food and drinks have already taken over grocery aisles and restaurant menus, but exhibitors were promoting the next evolution of the flavor trend, a portmanteau of sweet and spicy.

Mike’s Hot Honey, which helped bring back the “sweet heat” trend, showed off its collaboration with Heluva Good for a swicy dip. Smash Kitchen displayed its Hot Honey Ketchup, adding a little heat to the sweetness of the classic condiment. And Slawsa — a portmanteau of coleslaw and salsa — exhibited its sweet and spicy cabbage-based relishes.

Beef tallow

Beefy’s Own cooks its potato chips in beef tallow.

CNBC | Amelia Lucas

Over the last year, beef tallow has been having a moment, thanks to Health and Human Services Secretary Robert F. Kennedy Jr. and his “Make America Healthy Again” agenda. Kennedy has touted the rendered fat as a healthier alternative to “seed oils,” although nutrition experts broadly disagree.

Two newcomers displayed their beef tallow products at the Summer Fancy Food Show: Butcher Ben’s Beef Tallow and Beefy’s Own, which cooks its potato chips in beef tallow.

Shake Shack Inc

Stock market today: Live updates

Tech Giants Fuel Market Optimism

Microsoft and Meta Earnings Drive Futures Higher

Tech Titans Surge on Strong Earnings

Trade Deal Eases Tariff Concerns

Fed Signals No Imminent Rate Cuts

Key Economic Data on Watch

Earnings Season Heats Up

2025 food trends include beef tallow, mustard, flavored olive oil

New takes on olive oil

Mustard’s moment

Plant-based 2.0

Chef-led brands

The age of swicy

Beef tallow