U.S. stock futures inched higher early Wednesday as investors looked ahead to major earnings and the Fed’s rate decision. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 0.19%, 0.1%, and 0.09%, respectively, at 4:35 a.m. EST on July 30.
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In Tuesday’s trading session, the S&P 500 snapped its seven-day streak of record closes, dipping 0.3%. The Dow Jones and the Nasdaq Composite also fell 0.5% and 0.4%, respectively.
The major indexes fell on Tuesday as progress in U.S.-China trade talks slowed. U.S. negotiators ended discussions in Sweden without finalizing an extension of the current pause on higher tariffs. The decision now depends on President Trump, leaving markets uncertain.
Investors are closely watching the Federal Reserve, which will announce its interest rate decision this afternoon. According to the CME Group (CME), there is a 98% chance the central bank will keep rates steady at 4.25% to 4.5%. However, attention will be on Fed Chair Jerome Powell’s comments, especially amid a split among policymakers over the timing of future cuts.
Looking ahead, investors are awaiting key reports on private payrolls, GDP, and pending home sales.
In after-hours trading, Starbucks (SBUX) rose 4% after reporting stronger-than-expected revenue for its fiscal third quarter. In contrast, Visa (V) slipped over 2% despite beating Q3 estimates. Also, SoFi Technologies (SOFI) dropped 6.3% following news of a $1.5 billion common stock offering.
Kicking off a busy earnings day, tech heavyweights Meta Platforms (META) and Microsoft (MSFT) are set to report their quarterly results. Other companies releasing earnings include Ford Motor (F), Etsy (ETSY), Robinhood Markets (HOOD), Qualcomm (QCOM), and Arm Holdings (ARM).
Meanwhile, the U.S. 10-year Treasury yield was slightly up, floating near 4.3%. Also, WTI crude oil futures were trending higher, hovering near $69.66 per barrel as of the last check. Also, the Gold Spot U.S. Dollar Price increased to nearly $3,332 per ounce on Wednesday.
Elsewhere, European stocks opened lower today, giving back the small gains seen in the previous session as investors remained focused on new corporate earnings reports.
Asia-Pacific Markets Traded Mixed Today
Asia-Pacific markets were mixed on Wednesday after U.S.-China trade talks in Sweden ended without an agreement to extend the tariff truce.
The Hong Kong index was down 1.36%. Japan’s Nikkei slipped 0.05%, though the Topix managed to close slightly higher. In China, the Shanghai Composite index rose 0.17%, while the Shenzhen Component fell 0.77%.