U.S. Stock Futures Steady as Fed Rate Cut Sparks Uncertainty; Tech Earnings in Spotlight

U.S. stock futures traded narrowly higher on Wednesday evening after a volatile Wall Street session, as investors assessed the Federal Reserve’s rate decision and a fresh wave of major tech earnings.

S&P 500 futures rose 0.1% to 6,932.0 points, while Nasdaq 100 futures gained 0.1% to 26,300.00 points. Dow Jones futures were flat at 47,838.0 points. Earlier, the Dow slipped 0.2%, the S&P 500 ended nearly unchanged, and the Nasdaq Composite climbed 0.6%.

The Fed cut its benchmark rate by 25 basis points to a range of 3.75%–4.00%, marking its second consecutive reduction. However, Fed Chair Jerome Powell emphasized uncertainty about future moves, stating another rate cut in December was “far from” guaranteed. He noted that policymakers were “navigating in the fog” amid mixed economic signals and uneven inflation progress.

Markets, which had largely priced in another cut by year-end, adjusted expectations following Powell’s comments. Analysts at ING said they still anticipate a December cut, projecting at least two more reductions next year to bolster growth and weaken the dollar.

Investors also monitored global developments ahead of a meeting between U.S. President Donald Trump and Chinese President Xi Jinping in Busan, South Korea. The leaders are expected to discuss trade, technology, and rare earth supply chains, with hopes for a temporary pause in tariffs and easing of export restrictions.

Earnings from tech giants also shaped market sentiment. Alphabet (NASDAQ:GOOGL) surged over 7% in after-hours trading after exceeding revenue forecasts, while Microsoft (NASDAQ:MSFT) slipped 3% amid cost concerns. Meta Platforms (NASDAQ:META) fell 8% after warning of higher 2026 capital expenses and a $16 billion one-time charge. Investors now await results from Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN).