US pre-open: Futures cautiously higher ahead of FOMC decision, tech earnings
By Iain Gilbert
Date: Wednesday 29 Apr 2026
(Sharecast News) - Wall Street futures were marginally higher ahead of the bell on Wednesday as investors looked ahead to a heavy evening of tech earnings and the conclusion of what will likely be Jerome Powell's final Federal Reserve policy meeting.
As of 1300 BST, Dow Jones futures were up 0.06%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.09% and 0.38% firmer, respectively.
The Dow closed 25.86 points lower on Tuesday after a Wall Street Journal report revealed that OpenAI had recently missed internal revenue and user‑growth targets, weighing heavily on tech stocks.
Oil prices pushed higher early on Wednesday as traders weighed the United Arab Emirates' unexpected exit from OPEC against signs that the conflict involving Iran was unlikely to be resolved any time soon. Brent crude futures rose 2.84% to $114.42 a barrel, while West Texas Intermediate futures were up 3.01% at $102.94 - having already climbed more than 49% since the US‑Israel‑led war against Iran began on 28 February.
The latest move higher followed reports that the US was preparing to extend its blockade of Iranian ports, adding to concerns over prolonged disruption in the Strait of Hormuz.
In terms of earnings, Starbucks traded higher in pre-market action after lifting its full‑year outlook, while Robinhood slumped following weaker‑than‑expected first‑quarter results. Seagate Technology and NXP Semiconductors both surged more than 17% after posting earnings beats and issuing upbeat revenue guidance.
Wednesday's primary focus, however, will likely be earnings from tech behemoths Alphabet, Amazon, Meta and Microsoft, which were all set to report after the close.
Attention will also turn to the Federal Reserve later in the day, with the central bank set to wrap up its two-day interest policy meeting at 1900 BST, with the meeting expected to be Jerome Powell's last before his term ends in May and he is succeeded by Kevin Warsh. The FOMC was not expected to make any changes to its benchnark overnight interest rate.
Elsewhere on the macro front, mortgage applications fell 1.6% week-on-week in the seven days ended 24 April, according to the Mortgage Bankers Association, trimming the 7.9% jump from the earlier period. Applications to refinance a mortgage, which are more sensitive to week-to-week changes in interest rates, fell by 4.4%, while applications to purchase a new home ticked up by 1.1%.
Still to come, February building permits and housing starts figures will be released at 1330 BST, as will March durable goods orders and preliminary readings of March's goods trade balance and wholesale inventories reports.
Reporting by Iain Gilbert at Sharecast.com
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