U.S. stock futures hovered around the flat line on Wednesday morning as investors look forward to March-quarter earnings reports from four of the “Magnificent 7” tech companies — Alphabet (GOOGL), Amazon (AMZN), Meta Platforms (META), and Microsoft (MSFT). Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) Index were up by 0.27% and 0.02%, respectively, while futures tied to the Dow Jones Industrial Average (DJIA) were down 0.01% at 8:29 a.m. EDT on April 29.
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Trade QQQ with leverageInvestors also await the Federal Reserve’s decision at Jerome Powell’s final policy meeting before his term ends in May. The Fed is not expected to make any revisions to the existing federal funds rate.
Meanwhile, the United Arab Emirates (UAE) announced it will leave the OPEC oil cartel effective May 1. Oil prices continued to move higher amid a U.S. blockade of Iranian ports. At the time of writing, Brent crude (CM:BZ) rose 2.85% to $114.44 per barrel, while WTI crude (CM:CL) gained 3.13% to $103.06.
During Tuesday’s regular trading session, major indices finished lower. The Nasdaq Composite, the S&P 500, and the Dow Jones fell 0.90%, 0.49%, and 0.05%, respectively, after the Wall Street Journal reported that OpenAI missed its growth targets.
Turning to trending stocks, shares of Seagate Technology (STX) rallied more than 18% in Wednesday’s pre-market trading after the storage solutions provider reported robust Q3 FY26 results and issued a strong outlook on AI-led demand. Other storage and memory stocks moved higher on STX’s impressive performance. Western Digital (WDC), Micron (MU), and SanDisk (SNDK) stocks rose about 11%, 5%, and 7.2%, respectively.
Also, Starbucks (SBUX) stock was up about 5% as the coffee chain raised its full-year outlook and delivered upbeat revenue and earnings for the March quarter. Likewise, Visa (V) stock surged 6% after the payments giant reported better-than-expected earnings and revenue.
In contrast, Robinhood (HOOD) stock plunged more than 11% as the trading platform’s Q1 results fell short of the Street’s expectations.