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U.S. stock futures traded higher on Thursday as investors weighed the Federal Reserve's decision to keep interest rates unchanged while turning their attention to another busy day of earnings and key economic data. Dow Jones futures rose 0.28%, S&P 500 futures gained 0.32%, while Nasdaq 100 futures climbed 0.58% ahead of the opening bell. The rebound followed a sharp selloff on Wednesday that saw all three major indices close more than 1.5% lower. Markets also remained on edge after the U.S. launched airstrikes against targets in Iran following reported attacks on American personnel in the Middle East, adding geopolitical uncertainty to an already cautious trading environment. Fed keeps rates steady as September expectations shift As expected, the Federal Reserve left interest rates unchanged at its July meeting. However, policymakers remained cautious on inflation, which continues to run above the central bank's 2% target. Investors are now looking ahead to September, with futures markets pricing in an increased probability of another rate hike. Treasury yields remained elevated, with the 10-year yield holding around 4.69% while the two-year yield traded near 4.27%. Attention now shifts to Thursday's economic calendar, which includes second-quarter GDP, weekly initial jobless claims, personal income, consumer spending and the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index. Microsoft jumps while Meta tumbles after earnings Corporate earnings remained the primary driver of individual stock moves. Microsoft (NASDAQ: MSFT) surged more than 8% in premarket trading after reporting stronger-than-expected fourth-quarter earnings, boosting investor confidence in its artificial intelligence and cloud businesses. Meta Platforms (NASDAQ: META) fell more than 8% after issuing higher capital expenditure guidance despite delivering mixed quarterly results, raising concerns over rising AI infrastructure spending. Qualcomm (NASDAQ: QCOM) declined nearly 5% after reporting earnings that narrowly missed analyst expectations despite posting stronger-than-expected revenue. Apple (NASDAQ: AAPL) traded slightly lower ahead of its quarterly earnings release later in the session, while Amazon (NASDAQ: AMZN) advanced as investors positioned for its earnings report after the closing bell. Oil rises as Middle East tensions keep investors on edge Oil prices remained elevated on Thursday, with WTI crude trading around $84.74 per barrel after the United States launched airstrikes against targets in Iran. The military action came in response to attempted attacks on U.S. personnel in the Middle East, raising concerns that escalating tensions could disrupt energy supplies and fuel inflation. Higher oil prices remain a key risk for equities as they could complicate the Federal Reserve's fight against inflation and keep interest rates higher for longer. Gold price today edges higher on safe-haven demand The gold price today traded slightly higher as investors sought safe-haven assets following escalating tensions in the Middle East and the Federal Reserve's decision to leave interest rates unchanged. Spot gold rose to around $4,070 per ounce, supported by geopolitical uncertainty even as Treasury yields and the U.S. dollar remained elevated. Gold continues to face competing forces. While higher bond yields and expectations that the Fed could keep interest rates higher for longer typically weigh on non-yielding assets like gold, safe-haven demand has helped cushion losses. Traders will now focus on the U.S. Personal Consumption Expenditures (PCE) inflation report and second-quarter GDP data for fresh clues on the Fed's policy path, with stronger-than-expected data potentially limiting further upside in bullion. Stock market outlook The U.S. stock market faces another potentially volatile session as investors digest the Federal Reserve's latest policy decision alongside a packed calendar of economic releases and major corporate earnings. Strong results from Microsoft helped lift sentiment, but weakness in Meta and uncertainty ahead of earnings from Apple and Amazon kept traders cautious. Attention now turns to second-quarter GDP, weekly jobless claims and the PCE inflation report, all of which could influence expectations for the Fed's September meeting. With geopolitical tensions in the Middle East also supporting oil prices, investors are likely to remain focused on inflation risks and corporate guidance for clues on the market's next move.