Nasdaq futures jumped, leading Wall Street stocks higher on Wednesday as investors braced for the Federal Reserve’s latest policy decision and potentially pivotal earnings from megacap tech giants.
Contracts on the tech-heavy Nasdaq 100 (NQ=F) surged about 1%, while those on the Dow Jones Industrial Average (YM=F) hovered just above the flat line. S&P 500 futures (ES=F) popped 0.4%, eyeing another record on the heels of an all-time closing high.
Attention now turns to Wednesday’s Fed announcement, the central bank’s first rate decision of the year. Policymakers are broadly expected to leave rates unchanged in a range of 3.5% to 3.75%, putting the spotlight on Chair Jerome Powell’s commentary for clues on the path ahead. Markets are currently pricing in two quarter-point rate cuts by the end of 2026, according to CME FedWatch.
The rate decision also comes amid a period of political tension for the central bank, as the Trump administration in recent weeks opened a criminal investigation against Powell over his Senate testimony about renovations of the central bank’s headquarters. Markets are also watching for President Trump to announce Powell’s successor, which Trump has said could happen any day now.
The big week ahead holds more than the Fed, with earnings season ramping up with results from several heavyweight tech names. Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) are scheduled to report after the market closes Wednesday, while Apple (AAPL) is set to release its quarterly results on Thursday.
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