US stock futures were mixed on Wednesday, October 28, as investors braced for the Federal Reserve’s interest rate decision and quarterly earnings from major technology companies Alphabet and Microsoft.
Gains in semiconductor stocks following South Korean chipmaker SK Hynix’s record quarterly profit lifted Nasdaq futures, while Dow futures traded lower.
Futures linked to the S&P 500 rose 0.2%, while Nasdaq-100 futures gained 0.4%. Dow Jones Industrial Average futures fell 121 points, or 0.2%.
Fed rate decision in focus
Investors are awaiting the outcome of the Federal Reserve’s two-day policy meeting, which concludes on Wednesday. The central bank is widely expected to leave its benchmark interest rate unchanged in the 3.75%–4% range.
According to CME Group’s FedWatch tool, markets are pricing in roughly a 90% probability of the Fed holding rates steady. However, investors will closely track Fed Chair Kevin Warsh’s comments for clues on the outlook for monetary policy and the possibility of further rate hikes in the coming months.
The Fed is scheduled to announce its decision at 2 pm Eastern Time (11:30 pm IST), followed by Warsh’s press conference at 2:30 pm ET (12 am IST on Thursday, October 29).
Also Read: Fed Meeting October 2026: Where to watch Kevin Warsh-led FOMC interest rate decision
Chip stocks rally after SK Hynix earnings
US semiconductor stocks advanced in premarket trading after SK Hynix reported record quarterly profit, boosting investor sentiment around the artificial intelligence trade.
US-listed shares of SK Hynix rose nearly 8%. Micron Technology gained 4%, while Arm Holdings advanced 2%. Intel, Marvell Technology and Advanced Micro Devices each added nearly 2%.
The gains come as investors continue to assess demand for AI-related chips and infrastructure, with earnings from major technology companies expected to provide further insight into spending on artificial intelligence.
Alphabet, Microsoft earnings in focus
Attention will also turn to quarterly results from Alphabet and Microsoft, scheduled for release after the closing bell on Wednesday. The earnings from the two technology giants are expected to offer fresh clues on AI investments, cloud demand and the outlook for the broader technology sector.
Alphabet shares were last trading more than 1% higher in premarket trading, while Microsoft shares were marginally lower.
Other companies due to report results include Ford, GE Vernova, T-Mobile US, eBay, Chipotle Mexican Grill and ServiceNow.
With the Fed decision and major technology earnings due on the same day, investors will be watching both interest rate signals and corporate guidance for direction on US equities.
US stock market today: S&P 500 edges higher, Nasdaq gains on chip rally ahead of Fed decision