Fed On Deck, Tech Bottom Steadies Wall Street Pre-Bell; Asia, Europe Off
Wall Street futures were mostly higher pre-bell Wednesday as the global tech sector sell-off paused, and as traders await the latest news from the Federal Reserve.The US central bank will issue its rate decision in Washington at 2 pm ET, followed by Chair Kevin Warsh's 2:30 pm press conference.The CME Group FedWatch Tool estimates a 64.2% chance the Fed will hold steady, and a 35.8% chance the Fed will raise rates by 0.25%.In the futures, the S&P 500 rose 0.2%, the Nasdaq inclined 0.1% and the Dow Jones was off 0.3%.West Texas Intermediate crude oil traded up 4.7% to $83.00 a barrel in morning action.Index heavyweights Microsoft (MSFT) and Meta Platforms (META) are slated to report earnings after-bell.Asian exchanges traded mostly lower overnight on semiconductor and AI sector turmoil, and rising oil prices.European bourses tracked modestly lower midday on the continent.Ford (F) traded up past 5% pre-bell after the auto giant reported Q2 financial results and boosted guidance late Tuesday.On the economic calendar, in addition to the Fed policy statement, is the weekly EIA petroleum status report at 10:30 am ET, and the Atlanta Fed Survey of Business Uncertainty for July at 11 am.In premarket action, Bitcoin traded at $64,554, and 10-year US Treasuries offered 4.63%. Spot gold commanded $4,031 an ounce.