US pre-open: Futures trade higher ahead of Fed decision, tech earnings
By Iain Gilbert
Date: Wednesday 28 Jan 2026
(Sharecast News) - Wall Street futures were pointing to a positive open ahead of the bell on Wednesday as investors patiently awaited the outcome of the Federal Reserve's two-day monetary policy meeting.
As of 1240 GMT, Dow Jones futures were up 0.04%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.31% and 0.80% firmer, respectively.
The Dow closed 408.99 points lower on Tuesday, more than erasing gains recorded in the previous session.
Wednesday's primary focus will undoubtedly be the Federal Reserve Open Market Committee's interest rate decision at 1900 GMT, with economists expecting to see the central bank hold overnight interest rates steady at 3.% to 3.75%.
However, traders will also be looking for any hints on longer-term changes to monetary policy, with Fed funds futures trading suggesting two quarter percentage point cuts by the end of 2026.
The US dollar was also drawing an amount of attention after te US dollar index fell to its lowest level since February 2022 after Donald Trump, who, when asked about recent weakness in the greenback, said "dollar's doing great", with his comment seen as one that could "set the stage for an unstoppable slide as talk of global 'de-dollarisation, sell America' grows ever louder," according to Trade Nation's David Morrison.
Elsewhere on the macro front, US mortgage applications fell by 8.5% in the week ended 23 January, according to the Mortgage Bankers Association, trimming the combined 47% surge since the start of 2026. Applications to refinance a mortgage, which are sensitive to short-term changes in interest rates, fell by 16%, while applications to purchase a new home were broadly flat.
In the corporate space, AT&T posted strong Q4 and FY results, saying it met or exceeded all of its 2025 financial guidance as the group delivered its best year for consumer broadband subscriber growth in a decade.
Still to come, Starbucks will report earnings before the open, while Microsoft, Meta, Tesla and IBM will publish their latest quarterly results after the close.
Reporting by Iain Gilbert at Sharecast.com
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