US pre-open: Futures higher ahead of Fed decision, tech earnings
By Iain Gilbert
Date: Wednesday 29 Oct 2025
(Sharecast News) - Wall Street futures were in the green prior to the open on Wednesday as traders looked ahead to the Federal Reserve's interest rate decision and quarterly earnings from several of the biggest names in tech.
As of 1210 GMT, Dow Jones futures were up 0.34%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.23% and 0.80% higher, respectively.
The Dow closed 161.78 points higher on Tuesday as market participants digested solid quarterly earnings reports from the likes Paypal, United Health and UPS.
Wednesday's primary focus will be the Federal Reserve's interest rate decision at 1800 GMT, with the central bank widely expected to deliver a 25 basis point rate cut, though investors remain uncertain over whether chair Jerome Powell will adopt a dovish tone in his post-meeting remarks. Markets have currently priceed in another cut at the FOMC's final meeting of the year in December.
Attention will also be on a flurry of earnings from the so-called "Magnificent Seven" this week, with Alphabet, Meta Platforms, and Microsoft due to report after the close on Wednesday, followed by Apple and Amazon on Thursday.
Elsewhere in the corporate space, Boeing reported higher revenue over last year when production was constrained after a safety crisis and amid a labor strike, while Caterpillar said third-quarter revenue rose to $17.64bn, but stated profits had taken a hit from higher costs.
On the macro front, US mortgage applications surged 7.1% in the week ended 17 October, according to the Mortgage Bankers Association, following four consecutive weekly declines. Applications to refinance a mortgage, which are more sensitive to short-term changes in interest rates, shot up by 9% week-on-week, while applications to purchase a new home increased 5%. The rebound coincided with a fresh drop in benchmark mortgage rates, which fell to a one-year low of 6.3%, as long-dated Treasury yields came under pressure amid mounting concerns over a weakening labour market and broader signs of economic slowdown.
Still to come, US pending homes sales figures will be published at 1400 GMT.
Meanwhile, trade tensions between the US and China appear to have eased following progress over the weekend, with investors now watching for developments from Donald Trump's upcoming meeting with Chinese President Xi Jinping in South Korea.
Reporting by Iain Gilbert at Sharecast.com
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