U.S. stock futures edged higher early Wednesday as investors positioned ahead of a pivotal session dominated by the Federal Reserve’s interest-rate decision and a heavy stream of corporate earnings. The Fed is widely expected to hold rates steady, while results from several mega-cap technology companies are due after the U.S. market close. Elsewhere, gold pushed to another record high and reports said China has approved initial purchases of Nvidia’s H200 artificial intelligence chips.
U.S. futures point higher
Futures tied to the main U.S. equity benchmarks traded modestly in the green, reflecting cautious optimism before the day’s catalysts.
At 02:49 ET, Dow futures were up 37 points, or 0.1%, S&P 500 futures rose 28 points, or 0.4%, and Nasdaq 100 futures jumped 249 points, or 1.0%.
Wall Street finished Tuesday’s session mixed as investors weighed a large batch of earnings reports. Shares of UnitedHealth (NYSE:UNH) slid after the insurer flagged lower expected revenue in 2026 following a federal proposal that disappointed expectations for Medicare Advantage premium increases. The weakness spilled over into the broader healthcare sector, with CVS Health (NYSE:CVS) and Humana (NYSE:HUM) posting double-digit declines.
The Dow Jones Industrial Average closed down 0.8%, while relative strength in technology and automotive stocks helped buoy the S&P 500 and Nasdaq Composite.
Beyond earnings, markets also kept an eye on the risk of a partial U.S. government shutdown amid political tensions, as well as renewed tariff threats from President Donald Trump. Adding to concerns, U.S. consumer confidence fell in January to its lowest level in 12 years, according to the Conference Board, underscoring household unease despite a resilient economy.
Fed decision takes center stage
Against this backdrop, the Federal Reserve is expected to leave interest rates unchanged at the conclusion of its meeting later today.
After cutting rates last year to support a cooling labor market—bringing borrowing costs into a 3.5% to 3.75% range—the central bank now appears in wait-and-see mode. With inflation still above the Fed’s 2% target and layoffs remaining limited, policymakers are seen holding steady for now.
Attention will instead turn to Chair Jerome Powell’s comments for clues on the timing of future rate cuts, especially after December’s meeting highlighted deep divisions among officials. Markets currently do not expect the next rate reduction until June.
Investors are also closely watching developments around the Fed’s leadership. Powell’s term as chair ends in May, and President Trump has signaled he will soon name a successor, raising questions about the future direction and independence of U.S. monetary policy.
Earnings season accelerates
The flow of corporate results is set to intensify, with particular focus on major technology names.
After the closing bell, Meta Platforms (NASDAQ:META), Microsoft (NASDAQ:MSFT) and Tesla (NASDAQ:TSLA) are scheduled to report, with their outlooks likely to offer fresh insight into the durability of the artificial intelligence investment boom that has powered equity markets.
Tech giants continue to pour capital into AI infrastructure, boosting demand for advanced semiconductors and data centers. Supporting expectations that this trend could persist into 2026, Europe’s largest listed company, ASML (NASDAQ:ASML), reported stronger-than-expected fourth-quarter bookings and signaled further order growth.
Earlier in the day, investors will also digest earnings from AT&T (NYSE:T), Starbucks (NASDAQ:SBUX) and GE Vernova (NYSE:GEV).
Gold hits fresh highs
Gold prices climbed above $5,200 an ounce to a new all-time high, driven by strong safe-haven demand and continued weakness in the U.S. dollar.
Other precious metals remained elevated, with silver and platinum hovering near recent peaks. Heightened uncertainty ahead of the Fed decision and broader geopolitical tensions have helped sustain demand for defensive assets.
The metal is up around 20% so far in 2026, building on strong gains last year as investors seek protection amid policy and geopolitical risks.
China clears Nvidia H200 chip purchases – reports
China has approved the purchase of an initial batch of Nvidia’s (NASDAQ:NVDA) H200 AI chips, according to media reports.
Authorities have reportedly given the green light to leading technology groups including ByteDance, Alibaba and Tencent to buy more than 400,000 H200 chips in total, as Beijing seeks to advance its position in the global AI race while managing domestic semiconductor priorities.
The first approvals could be worth around $10 billion, with additional companies still awaiting authorization. Nvidia shares rose more than 1% in extended trading following the reports.
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