Fed Decision and Corporate Earnings in Focus: What’s Moving Markets Today

Futures tied to major U.S. indexes are mostly moving higher as traders prepare for a busy day with key central bank interest rate decisions and a series of corporate earnings reports. The Federal Reserve is expected to keep interest rates unchanged, while tech giants are set to release financial results after market close. Meanwhile, gold hits a new record, and China approves purchases of Nvidia’s H200 chip for the first time.

1. S&P and Nasdaq Futures Rise

U.S. stock futures are trading above Wednesday’s closing levels ahead of a series of events that could impact the market.

As of 2:49 a.m. ET (07:49 GMT), Dow Jones futures are up 37 points (0.1%), the S&P 500 is higher by 28 points (0.4%), and the Nasdaq 100 adds 249 points (1.0%).

Wall Street’s major indexes finished mixed on Tuesday after investors digested multiple quarterly reports. A decline in health insurer UnitedHealth, which projected lower 2026 revenue due to proposed Medicare Advantage increases, weighed on sentiment. Other health insurers, including CVS Health and Humana, reported double-digit declines.

The Dow Jones fell 0.8%, but relative strength in technology and automotive stocks supported other indexes such as the S&P 500 and Nasdaq Composite.

Meanwhile, the risk of a partial U.S. government shutdown and new tariff threats from President Donald Trump remain in the background. U.S. consumer confidence in January fell to its lowest level in 12 years, according to the Conference Board.

2. Fed Decision Expected

The Fed is expected to keep interest rates unchanged. Last year, the central bank lowered rates to a range of 3.5–3.75% to support the slowing labor market.

Given data showing low job cuts and inflation above 2%, the Fed is likely to maintain rates. Attention will focus on future policy, as December’s meeting revealed significant disagreement among members regarding the path of interest rates. The market does not anticipate another rate cut before June.

The question of the Fed chair’s successor also remains. Jerome Powell is under investigation, and despite Republican support, it is unclear whether he will remain in his position past May. Trump is considering candidates to replace Powell, with BlackRock CEO Rick Rieder among the frontrunners.

3. Flow of Corporate Earnings

Traders will monitor a wave of earnings reports, including those from tech giants.

After market close, reports are due from Meta Platforms, Microsoft, and Tesla. Tech company results may provide insights into the AI boom, a key driver of the market and the broader economy.

In Europe, ASML reported stronger-than-expected fourth-quarter orders, with growing demand for chip-making equipment.

Beyond tech, Wall Street will see reports from AT&T, Starbucks, and GE Vernova before the market opens.

4. Gold Hits New Record

Gold prices reached a record above $5,200 per ounce on Wednesday due to strong safe-haven demand and a weaker dollar.

Silver and platinum also remained near record levels. Safe-haven demand intensified ahead of the Fed meeting. Geopolitical uncertainties, such as the invasion in Venezuela and disputes over Greenland, support the yellow metal’s rally. The dollar trades near a four-year low, with statements from Trump adding to its weakness.

5. China Approves Nvidia H200 Chip Purchases

China granted approval for the first batch of Nvidia H200 chips for local tech companies including ByteDance, Alibaba, and Tencent, totaling more than 400,000 chips.

Initial approvals are valued at around $10 billion, with other companies awaiting the green light. This occurred during a visit to China by Nvidia CEO Jensen Huang. Nvidia shares rose over 1% in after-hours trading.