US pre-open: Futures mixed ahead of FOMC decision, tech earnings
By Iain Gilbert
Date: Wednesday 29 Jul 2026
(Sharecast News) - Wall Street futures were mixed ahead of the opening bell on Wednesday as traders weighed rising oil prices and awaited the Federal Reserve's latest interest rate decision later in the day.
As of 1230 BST, Dow Jones futures down 0.32%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.20% and 0.16% firmer, respectively.
The Dow closed 537.24 points higher on Tuesday amid a rotation out of semiconductor stocks into more cyclical and occasionally rate-sensitive sectors.
As for Wednesday, oil prices were drawing an amount of investor attention before the open, with West Texas Intermediate crude jumping 4.71% to $82.99 a barrel and Brent crude surging 5.1% to $88.38 a barrel after US Central Command said Islamic Revolutionary Guard Corps forces had launched "multiple ballistic missiles" in an attempted surprise attack on US troops in the Middle East, all of which were said to have been intercepted.
In the corporate space, Procter & Gamble warned of slower growth in the year ahead, as uneven demand across several categories and a tough consumer backdrop weighed on its latest quarterly performance. The consumer goods giant said FY27 net sales were expected to rise 1% to 3%, a step down from the 3.3% increase delivered in FY26 and, at the midpoint, slightly below analysts' expectations. P&G also guided for adjusted earnings per share of $6.89 to $7.11, with the midpoint coming in just under consensus forecasts. The update followed quarterly sales that missed estimates, with the group citing a "very challenging geopolitical and economic environment" and softer demand in grooming and oral care. Higher food and fuel costs, alongside persistent inflation, continued to pressure lower‑income households, prompting some consumers to trade down to cheaper alternatives.
However, earnings from 'Magnificent Seven' members Microsoft and Meta Platforms will undoubtedly be Wednesday's primary focus, with the tech giants slated to release their latest quarterly figures after the close, as were the likes of Arm, Qualcomm, Starbucks and Robinhood Markets.
Outside of earnings, market participants will also be zeroed-in on the Federal Reserve, with the central bank set to announce its latest monetary policy decision at 1900 BST and chairman Kevin Warsh scheduled to speak at 1930 BST. Fed funds futures currently imply a 70% chance the central bank will keep rates unchanged at 3.5% to 3.75%, according to CME's FedWatch tool. Treasury yields pushed higher ahead of the FOMC's announcement, with the yield on the benchmark 10-year note up more than two basis points at 4.634%, as investors broadly expected policymakers to hold steady.
Elsewhere on the macro front, US mortgage applications decreased by 6.4% in the week ended 24 July, according to the Mortgage Bankers Associaiton, more than reversing the prior week's 1.9% increase. Last week's drop came as benchmark mortgage rates increased, with the 30-year fixed contract rising to a one-year high of 6.76%, amid inflationary pressures and evidence that a robust labour market supported expectations that the Federal Reserve rate will look to hike interest rates before the end of 2026. Applications to refinance a mortgage, which are more sensitive to week-to-week interest changes, fell 9.9% week-on-week, while applications to purchase a home fell by 3.6%.
Reporting by Iain Gilbert at Sharecast.com
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