U.S. stock futures opened the session with modest gains on Wednesday as market participants prepared for a cluster of potentially market-moving developments later in the day. At 02:49 ET (07:49 GMT), futures on the Dow were up 37 points, or about 0.1%. S&P 500 futures had climbed 28 points, or roughly 0.4%, while Nasdaq 100 futures led the advance, rising 249 points, or 1.0%.
The prior trading day produced a mixed finish on Wall Street as investors digested a fresh batch of quarterly results. Pressure from the health insurance segment, notably a fall in UnitedHealth after the company lowered its 2026 revenue outlook following a federal proposal for a modest increase in Medicare Advantage premiums, weighed on overall sentiment. Other insurers such as CVS Health and Humana registered double-digit percentage declines.
At the close of trading on Tuesday, the Dow Jones Industrial Average had slipped 0.8%. Strength among technology and automotive names, however, helped underpin the S&P 500 and the Nasdaq Composite and limited broader market losses.
Policy and political backdrop
All eyes are on the Federal Reserve, which is widely expected to leave its target interest rate unchanged at the conclusion of its meeting later in the day. The central bank trimmed borrowing costs last year, moving its policy rate down to a range of 3.5% to 3.75% in a series of cuts intended to support a cooling labor market.
Despite those cuts, recent data showing limited layoffs and inflation remaining above the Fed's 2% target have led markets to anticipate no action this week. Instead, attention is likely to focus on the projected path for future rate decisions. Officials revealed deep divisions at the Fed's last meeting in December about how policy should evolve, a split that investors continue to parse. Current market pricing does not expect the next rate cut until June.
Investor uncertainty is compounded by ongoing drama around leadership at the central bank. The Trump administration has opened a criminal investigation into current Fed Chair Jerome Powell - an inquiry Powell has denied any basis for and described as a politically motivated effort to undermine the Fed's independence. Powell's term as Fed Chair ends in May, and it remains unclear whether he will remain on the central bank's rate-setting board. The White House has been speaking with potential replacements, and prediction markets have identified BlackRock executive Rick Rieder as a frontrunner.
Earnings avalanche to test markets
Traders will need to sift through a heavy schedule of corporate reports, starting with a slate of companies before the opening bell and continuing with several high-profile technology firms after the close. Among the pre-market reporters are telecoms operator AT&T, coffee chain Starbucks, and energy equipment company GE Vernova.
After the market closes, a trio of mega-cap technology companies will draw particular scrutiny: Meta Platforms, Microsoft, and Tesla. These reports are expected to offer fresh insight into the vigor of the AI-led investment cycle that has been a central driver of returns for large-cap tech stocks. Major technology players have been channeling billions of dollars into the infrastructure required to run advanced artificial intelligence models, a dynamic that directly boosts demand for advanced semiconductors and data center capacity.
Signals that the AI investment trend may persist into the coming year surfaced in Europe, where chip-equipment maker ASML reported stronger-than-expected fourth-quarter bookings and noted a rising stream of orders. That development is consistent with an elevated appetite among customers for the kinds of tooling and components that support next-generation computing workloads.
Safe havens and currency moves
Precious metals enjoyed another strong session as investors sought shelter ahead of the Fed meeting. Gold climbed to a new record above $5,200 an ounce on Wednesday, reflecting persistent haven demand and pressure from a softer dollar. Silver and platinum also traded near recent highs.
Gold's rally this year has been notable, with the metal up about 20% so far in 2026 following substantial gains in the previous year. Contributing to the move has been elevated geopolitical tension, which market participants cited as a factor supporting safe-haven flows. Additionally, the dollar has eased to a level near a four-year low this week, amplifying gains for U.S.-priced commodities. Comments from former President Donald Trump indicating that he was unconcerned by a weaker dollar contributed to further downward pressure on the currency.
China approves Nvidia H200 purchases
In a development with clear implications for the global AI supply chain, Chinese authorities have approved purchases of Nvidia's H200 chips for the first time, according to media reports. The initial approvals allow major domestic technology companies - ByteDance, Alibaba, and Tencent - to acquire what is reported to be more than 400,000 H200 processors in total.
The first wave of approvals is valued at roughly $10 billion, and additional firms remain in line awaiting authorization. Many of the companies seeking to obtain the processors reportedly submitted documentation to Chinese regulators explaining their intended uses for the hardware. The approvals coincided with a visit to China by Nvidia's CEO, and follow U.S. government clearance that permitted H200 sales to Chinese businesses.
In market reaction, Nvidia shares traded over 1% higher in extended-hours trading following the reports.
What to watch as markets open
- Fed's policy statement and any guidance about the future trajectory of rates, especially references to timing of further easing.
- After-hours earnings from Meta, Microsoft, and Tesla for indications on corporate spending for AI infrastructure and demand for advanced chips and data center services.
- Gold and currency movements for further signs of safe-haven flows or dollar weakness that could influence commodities and multinational company earnings.
The current trading environment is being shaped by a mix of corporate results, central bank policy deliberations, geopolitical and regulatory developments, and the evolving AI investment cycle. Market participants are parsing these overlapping forces to gauge where risk and opportunity may lie across sectors ranging from technology and semiconductors to financials, health care, consumer services, and commodities.