US stock index futures climbed on Wednesday as investors positioned ahead of the Federal Reserve’s interest rate decision and a closely watched slate of earnings from major technology companies, with artificial intelligence-linked stocks driving early momentum.
Futures tied to the S&P 500 rose about 0.3%, while Nasdaq 100 futures gained roughly 0.9%, putting the tech-heavy index within reach of its October record.
Dow Jones Industrial Average futures were almost unchanged at 0.04% gain.
The moves followed another strong session for technology stocks globally, even as investors remained cautious ahead of the Fed’s policy announcement later in the day.
Futures advance as AI trade lifts tech
The rally in futures was led by semiconductor and AI-exposed names.
US-listed shares of ASML jumped more than 6% in premarket after the chipmaking equipment supplier reported record orders and issued strong guidance for 2026, citing sustained demand linked to artificial intelligence.
Nvidia and AMD rose 1.8% and 2.4%, respectively, extending recent gains.
Technology stocks also lifted global markets after ASML’s results added fresh fuel to the AI trade.
In Asia, tech shares advanced after SoftBank Group said it was in talks to invest $30 billion in OpenAI, while strong memory demand helped drive record profits at SK Hynix.
In Europe, ASML shares climbed more than 5% in Amsterdam, although weak sales at LVMH weighed on luxury stocks.
Fed expected to hold rates, guidance in focus
Markets are widely expecting the Federal Reserve to keep its benchmark interest rate unchanged at a target range of 3.5% to 3.75%.
Fed funds futures imply two quarter-point rate cuts by the end of 2026, according to the CME FedWatch Tool, but investors are focused on Chair Jerome Powell’s guidance for clues on the longer-term policy path.
“The current US economic outlook remains positive, with ongoing growth and a labor market that, although somewhat soft, has stabilized,” said Christian Hantel, portfolio manager at Vontobel Asset Management, in a Bloomberg report. “Inflation continues to run above the Fed’s target, leaving little justification for immediate rate cuts.”
Hantel added that investors should look to upcoming meetings for possible adjustments, noting: “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.”
The dollar steadied after snapping a four-day slide that had pushed it to its weakest level in nearly four years.
Treasuries were little changed ahead of the decision, while gold briefly topped $5,300 an ounce, extending a strong rally in precious metals.
Big tech earnings take center stage
Attention will also turn to corporate results, with Microsoft, Meta Platforms, and Tesla set to report earnings after the closing bell.
Their updates are expected to provide insight into AI-related capital spending, advertising trends, and consumer demand.
Meta is expected to report a $8.15 per share of earnings on $58.4 billion in sales, making it a 1.6% earnings and 21% revenue growth compared to the previous year.
Analysts expect Microsoft to post a $80.32 billion in revenue and a $3.92 per share earnings.
Rob Kaplan, vice chairman of Goldman Sachs, said currency stability remains a priority given the scale of US borrowing.
“The US is going to want to see a stable dollar and wants to see stability, and wants to be able to sell the long end of the Treasury curve,” Kaplan said. “A stable dollar helps.”
With the economy still showing resilience and inflation above target, analysts expect the Fed to emphasize a data-driven stance.
Powell’s press conference, coming amid heightened scrutiny over central bank independence, is likely to be closely watched for any shift in tone as markets balance strong earnings momentum against lingering policy uncertainty.
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