Market Coverage: Thursday July 29 Yahoo Finance

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Stock futures were mixed Thursday morning amid a mixed batch of corporate earnings results and a Federal Reserve decision that signaled the central bank was still looking for the U.S. economy to recover further before adjusting its monetary policies.

Contracts on the S&P 500 gained. The index ended Wednesday's regular session in the red but hovered just 0.5% below its recent all-time closing high. Contracts on the Dow also rose, while those on the Nasdaq dipped.

Shares of Facebook (FB) slid in late trading after the company said it saw a sales deceleration in the second half of the year and suggested an Apple iOS app-tracking update would negatively impact its core advertising business. The comments overshadowed what was otherwise an estimates-topping second-quarter report, with revenue growing far more than expected as the broader internet advertising industry recovered further. Peer tech company PayPal (PYPL) also saw shares drop after delivering a current-quarter forecast that missed consensus estimates.

Investors continue to digest a Federal Reserve decision that signaled the central bank was moving closer to, but not yet quite at the point of, announcing and beginning a roll-back of its crisis-era policies. Specifically, the Federal Open Market Committee's latest statement said that the "economy has made progress toward" the central bank's goals of achieving substantial further progress in the recovery, but that "the Committee will continue to assess progress in coming meetings."

"We have progress, but not substantial further progress," Paul Ashworth, chief U.S. economist for Capital Economics, wrote in a note Wednesday. "It's hard to say definitively whether this is hawkish or not since, maddeningly, what qualifies as substantial further progress has not been quantified and seems to mean something slightly different to each FOMC participant."

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