Traders work at the New York Stock Exchange on Jan. 27, 2026.
NYSE
S&P 500 futures rose Wednesday morning ahead of the Federal Reserve’s interest rate decision and earnings reports from major tech companies.
Futures linked to the broad market index were up 0.25%, while Nasdaq 100 futures advanced about 0.77%. Dow Jones Industrial Average futures edged lower by 22 points, or less than 0.1%.
In Tuesday’s regular trading, the S&P 500 advanced 0.4%, reaching an all-time high and closing at a record. The Nasdaq Composite gained 0.9%. The 30-stock Dow fell more than 400 points, weighed lower by a nearly 20% plunge in UnitedHealth.
Wednesday will bring the Fed’s first rate decision of the year. The central bank is widely expected to keep its benchmark interest rate steady at a target range of 3.5% to 3.75%, but traders will be seeking hints on longer-term changes to monetary policy. Fed funds futures trading suggests two quarter percentage point cuts by the end of 2026, according to the CME FedWatch Tool.
“The current U.S. economic outlook remains positive, with ongoing growth and a labor market that, although somewhat soft, has stabilized. Inflation continues to run above the Fed’s target, leaving little justification for immediate rate cuts,” said Christian Hantel, portfolio manager at Vontobel Asset Management.
“Instead, investors should look to the March and June FOMC meetings as potential opportunities for policy adjustments, though these could be pushed into the second half of 2026 if conditions warrant,” Hantel added. “All eyes will be on Chair [Jerome] Powell for any signals about the Fed’s openness to further easing, but for now, the central bank’s cautious, meeting-by-meeting approach seems set to continue.”
Earnings from a slate of major technology companies are on deck. Microsoft, Meta Platforms and Tesla are set to post their quarterly financial results Wednesday after the closing bell. Apple will post its results on Thursday.