US equity futures were mixed early Wednesday as investors braced for a Federal Reserve interest-rate decision and quarterly results from two major technology companies, Alphabet and Microsoft.
S&P 500 futures gained 0.13%, while Nasdaq-100 futures rose 0.37%. Dow futures fell 105 points, or 0.12%.
US stocks had closed higher on Tuesday, led by gains in technology with semiconductor shares advancing for a third consecutive session.
Five things to know before Wall Street opens on Wednesday
1. Fed decision takes centre stage
The Federal Reserve is scheduled to announce its interest-rate decision at 2 PM ET, followed by Chair Kevin Warsh’s press conference at 2:30 PM.
Markets widely expect the central bank to leave its benchmark rate unchanged at 3.75%–4.00%.
Investors will look for clues about the outlook for rates, particularly as persistent inflation and elevated energy prices complicate the policy outlook.
Comments from Warsh will be keenly followed as markets expect a rate hike at the Fed’s December meeting.
The proximity of the November 3 US midterm elections adds another factor to the market backdrop.
2. Alphabet and Microsoft report earnings
Alphabet and Microsoft are due to release third-quarter results after the closing bell.
Investors will have an eye on Google Cloud and Microsoft Azure growth, AI-related capital expenditure, margins and free cash flow amid heavy spending by tech giants.
The results will help investors assess whether this spending on data centres and AI infrastructure is translating into sustainable revenue growth and returns.
Expectations for AI investment remain high, raising the stakes for both companies even as concerns continue to weigh.
3. SK Hynix results boost chip sentiment
SK Hynix reported record third-quarter revenue of 104.6 trillion won and operating profit of 83.3 trillion won, driven by demand for AI memory chips.
It also announced shareholder returns worth more than 100 trillion won for 2026.
The results helped lift South Korea’s Kospi by more than 6%, while US chip-related shares, including Micron, advanced in premarket trading.
The earnings reinforced investor confidence in the overall AI trade.
4. Oil remains elevated
Crude prices were holding near recent highs, with Brent around the mid-$110s per barrel and West Texas Intermediate near $100–$102.
Escalating Middle East tensions and uncertainty over the US-Iran conflict have kept supply concerns in focus with the Houthis claiming a fresh attack on Saudi Arabia’s largest oil refinery.
There seems to be no resolution in sight for the Iran-US war, with fears of renewed escalation keeping the energy markets on edge.
5. AI financing deals sustain momentum
Fresh developments in AI infrastructure also remain in focus. OpenAI reportedly plans to buy Google’s AI chips, potentially diversifying its supply beyond Nvidia.
Separately, a consortium of financial firms announced a $63 billion financing structure for Anthropic’s AI computing capacity using Broadcom technology.
SpaceX also secured a roughly $40 billion financing commitment for Nvidia GPUs and related equipment through an entity managed by Apollo Global Management.
Nvidia meanwhile announced that it would invest $3 billion in Meta Platforms as the Facebook parent ramps up its artificial intelligence infrastructure spending.
Anthropic’s October 26 IPO filing has already added a catalyst for investor interest in the sector.
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