Dow Jones Today: Stock Futures Little Changed Ahead of Fed Decision on Interest Rates, Earnings Reports From Microsoft, Meta

Stock futures are holding steady Wednesday as investors prepare for a Federal Reserve announcement on interest rates and earnings reports from major technology companies.

Futures tied to the S&P 500 and Nasdaq were up 0.1% recently, while those linked to the Dow Jones Industrial Average rose fractionally. Stocks lost ground on Tuesday, snapping a six-day streak of record-high closes for S&P 500, as a rally fueled by optimism about strong corporate earnings and encouraging economic data hit a speed bump.

Investors have been primarily focused on earnings so far this week, and the calendar remains busy in the next few days, highlighted by scheduled releases after today’s closing bell of quarterly results from Microsoft and Meta, and from Apple and Amazon late tomorrow.

Before the Big Tech earnings reports start rolling in, the big event will be the Fed’s decision on interest rates, which is set to be announced at 2:00 p.m. ET. The central bank is widely expected to leave its benchmark rate unchanged, despite persistent pressure from President Donald Trump to lower it. Market participants will be paying close attention to Fed Chair Jerome Powell’s comments about how tariffs are affecting the economy and how that affects the outlook for rates.

Mega-cap tech stocks were mixed this morning. Nvidia (NVDA), Microsoft (MSFT), Amazon (AMZN), Meta (META) and Tesla (TSLA) were each up less than 1% in premarket trading, while Apple (AAPL), Alphabet (GOOG) and Broadcom (AVGO) ticked lower.

Shares of Starbucks (SBUX) were up more than 5% ahead of the bell despite a mixed earnings report, as CEO Brian Niccol said the coffee chain is “ahead of schedule” in executing its turnaround plan. Visa (V) shares were down about 3% even as the credit card giant’s quarterly numbers topped analysts’ estimates.

The yield on the 10-year Treasury note, which affects borrowing costs on a wide array of consumer and business loans, was at 4.34%, up from 4.33% at yesterday’s close. The U.S. dollar index, which measures the performance of the dollar against a basket of foreign currencies, was up 0.2% at 99.08, trading at its highest levels since early June.

Bitcoin was at $117,800, little changed from yesterday afternoon.

West Texas Intermediate futures, the U.S. crude oil benchmark, were up 0.4% at $69.50 per barrel after two straight days of big gains, trading at their highest level in more than a month. Gold futures held steady at $3,325 an ounce.