U.S. stock futures are modestly higher in premarket trading with the benchmark S&P 500 extending its record highs from Tuesday.

The moves come ahead of big tech earnings after the closing bell along with the Fed announcement this afternoon. The Central Bank is expected to keep its benchmark interest rate steady at a target range of 3.5% to 3.75%, but traders will be watching Powell’s comments on monetary policy.

Fed funds futures trading suggests two 0.25% cuts by the end of 2026, according to the CME FedWatch Tool.

After the Fed announcement, investor focus will turn to earnings with Meta Platforms (META), Microsoft (MSFT) and Tesla (TSLA) reporting quarterly results after the closing bell. 

Snapshot (as of 7 AM ET)

• Oil (/CL) – Oil prices are up 0.7% near $62.80 a barrel as supply concerns grew after a winter storm disrupted crude output and halted Gulf Coast exports over the weekend.
• Gold (/GC) – Gold is up 3.5% at $5300 and is at a record high, as the dollar plunged to a near four-year low amid persisting geopolitical concerns ahead of a U.S. Federal Reserve monetary policy decision. The U.S. dollar was grappling with a “crisis of confidence” as it struggled near four-year lows, exacerbating dollar selling, after President Donald Trump said the currency’s value is “great” when asked whether he thought it had declined too much.
• Bitcoin (/BTC) – The Crypto Future is up 0.7% near 90,000 in premarket trading.
• VIX – The CBOE Volatility Index was up 1.2% on Tuesday and settled at 16.35 despite the rise in stocks.
• U.S. Dollar (/DX) – The dollar is flat in premarket trading at 96.0.

Biggest Premarket Movers (as of 7 AM ET - Mark % Change)

1. Seagate Tech (STX): +8.94%
2. F5 Inc. (FFIV): +8.53%
3. Western Digital (WDC): +7.26%
4. Texas Instruments (TXN): +6.97%
5. Microchip Tech (MCHP): +6.31%

1. Skyworks Solutions (SWKS): -10.49%
2. Elevance Health (ELV): -6.79%
3. Otis Worldwide (OTIS): -4.69%
4. Danaher (DHR): -4.56%
5. Lennox (LII): -3.77%

Economic Data

• 7:00 AM ET: MBA Mortgage Applications
• 8:30 AM ET: Intl. Trade in Goods - Delayed, Retail Inventories - Delayed, Wholesale Inventories - Delayed
• 10:30 AM ET: Oil Inventories
• 2:00 PM ET: FOMC Announcement
• 2:30 PM ET: Fed Chair Powell Presser

Notable Earnings

• Premarket: APH, ASML, T, ADP, EAT, GLW, DHR, ELV, GEV, GD, LII, OTIS, PGR, SMG, SBUX, TEVA, TXT, UBS, VFC
• Postmarket: CHRW, CP, HXL, IBM, LRCX, LVS, LC, LEVI, MTH, META, MSFT, RJF, NOW, SLG, TSLA, URI, WHR, WM
• Premarket Tomorrow: AOS, MO, BX, BC, CAT, CMCSA, DOV, DOW, GPI, HON, LHX, LMT, MAN, MA, NDAQ, NSC, OSK, PH, PHM, RCI, RCL, SNY, SHW, LUV, SJM, STM, TMO, TSCO, TT, VLO, VIRT, XRX
• Postmarket Tomorrow: AAPL, AJG, BZH, DECK, EMN, HIG, KLAC, OLN, RHI, SNDK, SAP, SNDR, SYK, V, WDC, WY

Upgrades/Downgrades

• Mizuho upgrades Applied Materials (AMAT) to Outperform from Neutral
• Rothschild & Co. Redburn upgrades Visa (V) to Buy from Neutral
• BofA upgrades Texas Instruments (TXN) to Neutral from Underperform
• Rothschild & Co. Redburn downgrades PayPal (PYPL) to Sell from Neutral
• Loop Capital downgrades Martin Marietta (MLM) to Hold from Buy
• UBS downgrades Nucor (NUE) to Neutral from Buy

This material is intended for informational purposes only and should not be considered a personalized recommendation or investment advice. Investors should review investment strategies for their own particular situations before making any decisions.

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.