US pre-open: Futures steady as traders await FOMC minutes
By Iain Gilbert
Date: Wednesday 19 Aug 2026
(Sharecast News) - Wall Street futures were little changed ahead of the open on Wednesday as traders looked ahead to minutes from the Federal Open Market Committee's July meeting.
As of 1215 BST, Dow Jones and S&P 500 futures were both 0.05% higher, while Nasdaq-100 futures had the index opening 0.08% softer.
The Dow closed 116.38 points lower on Tuesday, extending losses recorded in the previous session and logging a third straight decline, with a global bond selloff and higher oil prices continuing to weigh on sentiment.
As for Wednesday's pre-market moves, tech names remained under pressure as long‑dated bond yields hit fresh milestones across major economies, with the US 30‑year Treasury yield reaching a new 19‑year high, Japan's 10‑year climbing to its highest level in three decades, and long‑term German and French yields pushing to levels last seen in 2011 and 2008, respectively.
Wednesday's primary focus will undoubtedly be July's FOMC minutes at 1900 BST, with traders getting set to thumb over the details after the meeting revealed three dissenting votes in favour of a rate hike, highlighting divisions within the central bank.
Elsewhere on the macro front, US mortgage applications dropped 0.4% in the week ended 14 August, according to the Mortgage Bankers Association, cutting into the two-month high increase seen in the prior week. Applications to refinance a mortgage, which are generally more sensitive to week-to-week rate changes, rose by 1.5% week-on-week, while applications to purchase a home slipped 2%. Last week's decline comes as the average contract interest rate for 30-year fixed-rate mortgages was unchanged at 6.77% - four basis points shy of the one-year high recorded in late July.
In the corporate space, retailer Target delivered another strong second quarter as it continued to rebound from its difficult 2024-25 trading year, posting a sizeable earnings beat with net sales up 5.3% to $26.5bn, gross margin jumping to 33.7% and diluted EPS doubling to $4.11, helped by tariff refunds - prompting the group to lift its full‑year sales and profit guidance.
Fellow retailer Lowe's, on the other hand, struck a more cautious tone on its outlook, flagging ongoing "pressure" in DIY consumer spending. Second‑quarter revenues came in at $26bn, just shy of the $26.1bn expected, while adjusted earnings per share of $4.27 - which included an $0.11 benefit from tariff refunds - topped forecasts for $4.22.
Reporting by Iain Gilbert at Sharecast.com
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