FX.co ★ US Futures Inch Higher Ahead of Hyperscaler Earnings, Fed

US equity futures edged higher on Wednesday as markets positioned for a key earnings wave and an expected Federal Reserve rate hold. Futures on the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 all posted modest gains.

Megacap tech “hyperscalers” — Microsoft, Meta, Alphabet, and Amazon — traded mixed ahead of their post‑market results, which are expected to provide fresh guidance on AI-related capital expenditures. These investments have been a major driver of equity indices, even as skepticism grows over the durability of that theme. AI infrastructure names were already under scrutiny after reports that OpenAI missed performance targets yesterday. Nvidia and Broadcom, both key suppliers to the AI buildout, rebounded.

In single‑stock moves, Visa gained more than 5% in pre‑market trading after reporting strong quarterly results, while Booking Holdings fell about 4% following its own earnings release.

Defensive sectors continued to hold their ground despite another rise in oil prices, with no clear signs of relief on energy supply from the Middle East.

The Federal Reserve is widely expected to leave interest rates unchanged at today’s meeting, which is likely to be Chair Jerome Powell’s final one in the role.