<span class="figure-article-caption-owner"><p>Michael Nagle / Bloomberg / Getty Images</p></span>
Stock futures are higher Wednesday ahead of the Federal Reserve’s scheduled announcement on interest rates this afternoon, as the market looks to rebound from yesterday’s selloff.
Futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq each were up 0.3% in recent trading. The major indexes stumbled yesterday, with the Dow finishing lower for the 9th straight session, marking its longest daily losing streak since 1978. Despite Tuesday’s downturn, the S&P 500 and Nasdaq are each less than 1% away from record highs.
Large-cap technology stocks were mixed in premarket trading. AI investor favorite Nvidia (NVDA) was leading the gainers, rising 3% and poised to recover some of the losses that have sent the stock into technical correction territory. Amazon (AMZN), Alphabet (GOOGL) and Meta Platforms (META) were also higher, while Apple (AAPL) was flat.
Tesla (TSLA) was down about 2% ahead of the bell, giving back a small portion of the huge gains the shares have registered since the U.S. election amid optimism that the EV maker stands to benefit from CEO Elon Musk’s close ties to President-elect Donald Trump. Microsoft (MSFT) and Broadcom (AVGO) were down slightly.
Shares of Micron (MU) were up 2% ahead of the release later today of the chipmaker’s quarterly earnings report.
Market participants will be squarely focused Wednesday on the Fed, which is widely expected to announce a cut in its benchmark interest rate after wrapping up a two-day policy meeting.
The announcement is scheduled for 2:00 p.m. ET and will be accompanied by the quarterly Summary of Economic Projections from policy committee members. Investors will scrutinize the policy statement and the projections, as well as comments from Fed Chair Jerome Powell at his post-meeting press conference, for the Fed’s views on the economy and the outlook for future rate cuts.
The yield on 10-year Treasurys, which is tied to expectations on where interest rates are headed, was at 4.42% this morning, up from 4.38% late yesterday.
Bitcoin was trading at $105,000, up from an overnight low of around $103,200 but down from the record high of $108,300 posted Tuesday. Gold futures were holding steady at around $2,660 an ounce, while crude oil futures were up nearly 1%.
