Dow Futures Rise As Wall Street Awaits Fed Decision: NVDA, MSFT, GOOGL, META Among Stocks To Watch

• While Dow Jones futures were up by 0.14% at the time of writing, the S&P 500 futures gained 0.24%.
• According to data from the CME FedWatch tool, there is a 99.9% probability of a 25 basis point rate cut during the October meeting.
• Asian markets ended Wednesday’s trading session on a positive note, with the Nikkei 225 leading with gains of 2.16%.

U.S. stocks appear set for a positive opening on Wednesday as investors await the Federal Open Market Committee’s (FOMC) interest rate decision later in the day.

On Tuesday, Schwab analysts stated that a Fed rate cut this week is “pre-ordained.” According to data from the CME FedWatch tool, there is a 99.9% probability of a 25 basis point rate cut during the October meeting. "It looks like a rate cut by the Fed next week is all but a sure thing," said Kathy Jones, Schwab's chief fixed income strategist.

However, the firm noted that a December rate cut is “far from certain.”

Futures Trade Higher

While Dow Jones futures were up by 0.14% at the time of writing, the S&P 500 futures gained 0.24%, while the tech-heavy Nasdaq 100’s futures rose 0.41%. Futures of the Russell 2000 index gained 0.1%.

Meanwhile, the SPDR S&P 500 ETF (SPY) was up by 0.29% at the time of writing, Invesco QQQ Trust (QQQ) gained 0.48% on Wednesday morning, and SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 0.15%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

Asian Markets Rise

Asian markets ended Wednesday’s trading session on a positive note, with the Nikkei 225 leading with gains of 2.16%, followed by the KOSPI at 1.73%, and the TWSE Capitalization Weighted Stock index at 1.22%.

The Shanghai Composite index gained 0.7%, while the Hang Seng was closed for trading on account of the Double Ninth festival.

Stocks To Watch

• Nvidia Corp. (NVDA): Nvidia shares surged 4% in Wednesday’s pre-market trade, with the company’s market capitalization on the verge of hitting the $5 trillion mark.
• Verizon Communications Inc. (VZ): Verizon reported earnings per share (EPS) of $1.21 on revenue of $33.8 billion in the third quarter (Q3), compared to Wall Street expectations of an EPS of $1.19 on revenue of $34.27 billion, according to Stocktwits data. Verizon shares were up 3% pre-market.
• Seagate Technology Holdings Plc. (STX): Seagate shares surged 7% pre-market after the company’s first-quarter (Q1) results beat Wall Street expectations. Seagate reported an EPS of $2.61 on revenue of $2.63 billion, compared to analyst estimates of an EPS of $2.4 on revenue of $2.55 billion, according to Stocktwits data.
• Microsoft Corp. (MSFT), Alphabet Inc. (GOOG) (GOOGL), and Meta Platforms Inc. (META) are among the companies scheduled to report their latest quarterly earnings on Wednesday.

Also See: Fed Rate Cut In October ‘Pre-Ordained’ But December 'Far From Certain' As Inflation Remains Elevated, Says Schwab

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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