U.S. stock futures pointed modestly higher Wednesday as investors awaited the Federal Reserve’s interest-rate decision, updated economic projections and Chair Kevin Warsh’s press conference.
At 4:41 a.m. ET, Dow futures were up 24 points, or 0.05%. S&P 500 futures gained 0.15%, while Nasdaq-100 futures rose 0.30%. The early advance followed two consecutive losing sessions and remained small relative to the potential volatility surrounding today’s policy announcement. Reuters
Tuesday’s Close
The S&P 500 fell 0.4% Tuesday to 7,585.73. The Dow lost 328.09 points, or 0.6%, to 52,093.11, while the Nasdaq Composite declined 0.8% to 25,981.57. The Russell 2000 also fell 0.8%, closing at 2,870.29.
Higher oil prices and rising Treasury yields pressured equities, leaving the S&P 500 down 0.9% for the week through Tuesday. Associated Press
The Fed Takes Center Stage
The Federal Reserve will release its policy decision and economic projections at 2:00 p.m. ET. Warsh’s press conference begins at 2:30 p.m. ET. Federal Reserve calendar
Reuters reported that futures markets assigned roughly a 93% probability to an interest-rate increase. That is a market expectation—not a confirmed decision. Investors will also scrutinize the projected rate path and Warsh’s comments about persistent inflation, energy costs and future policy.
The 10-year Treasury yield was near 5% early Wednesday after briefly reaching 5.04% this week. A sustained move above 5% could increase pressure on highly valued growth stocks even if the Fed’s announcement matches expectations.
Oil Retreats but Remains Elevated
Oil prices eased after an unexpectedly large increase in U.S. crude inventories. Around the early-morning source window, West Texas Intermediate was down about 1.5% at $104.28 per barrel, while Brent slipped to approximately $107.72.
The retreat offers limited relief because crude remains far above its prewar level. Continued disruption involving Iran and the closure of a key Saudi pipeline remain inflation risks. Reuters
Dollar, Gold and Premarket Movers
The dollar traded near ¥155.08, while the euro was around $1.1541 in early Wednesday dealings. Associated Press
Gold futures were near $4,392 in the latest market snapshot retrieved around 8:00 a.m. ET, gaining approximately 1.4% as investors balanced inflation risk against elevated interest rates.
Among large premarket movers, Intel rose more than 5% and Marvell Technology gained nearly 2%. Nvidia advanced less than 1%, while Microsoft and Apple were marginally lower. Chevron and ConocoPhillips each slipped about 0.3% as crude retreated. No major U.S. earnings release was scheduled before Wednesday’s opening bell.
What to Watch
Retail-sales data are due at 8:30 a.m. ET and could alter the premarket setup before the opening bell. After that, attention shifts decisively to the Fed.
The principal risks are a policy surprise, a renewed rise in oil, a sustained 10-year yield above 5%, or guidance suggesting rates will remain higher for longer. A decision matching expectations could still produce sharp moves if the projections or press conference change the market’s view of the next meeting.
Market levels are timestamped to the cited early-morning reports or the latest source snapshot available around 8:00 a.m. ET on September 16, 2026. This article provides general market information only and is not personalized financial advice or a recommendation to buy or sell any security.
