Nasdaq, S&P 500 Futures Mixed Ahead Of Fed Verdict, Microsoft And Meta Earnings As Oil Extends Rally: Why SKHY, SPCX, HOOD, BE Are In Focus

Retail sentiment remains ‘bearish’ on SPY and QQQ. Further weakness in QQQ will put it on track for the longest losing streak since August 2025.

• Markets are in wait-and-watch mode ahead of the Federal Reserve’s rate decision and earnings from Microsoft, Meta, Qualcomm and Robinhood. 
• AI and memory stocks remain under pressure after SK Hynix’s results fell short of lofty expectations, dragging global chip stocks and South Korea's KOSPI sharply lower.
• Geopolitical tensions in the Middle East and rising oil prices are adding another layer of uncertainty. 

U.S. stock futures were subdued early Wednesday as investors geared up for the Federal Reserve's policy decision and earnings from two of the "Magnificent Seven" companies, amid escalating geopolitical tensions in the Middle East. 

Traders will digest the Federal Reserve's policy statement at 2 p.m. ET before turning their attention to earnings from Microsoft and Meta Platforms after the closing bell. Markets remain deeply divided on where interest rates are headed next, reflecting one of the widest splits in Fed expectations since the pandemic, according to the Kobeissi Letter. 

Meanwhile, crude oil prices moved higher after Iran reportedly launched ballistic missiles at U.S. forces in the region, while U.S. and Saudi forces struck Tehran-backed sites in Iraq in response to a series of drone attacks. 

Washington also tightened restrictions on foreign-made technologies, adding advanced robotic devices and connected power inverters to a list of products considered national security risks.

As of 4:00 a.m. ET, Nasdaq futures fell 0.1%, while S&P 500 and Russell 2000 futures rose 0.2% and Dow futures were flat.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, and Invesco QQQ Trust (QQQ), which tracks the Nasdaq-100 Index, has moved to ‘bearish’.

South Korea's benchmark KOSPI plunged for the second straight session, triggering a brief trading halt after SK Hynix’s Q2 results missed heightened analyst expectations, dragging global memory and AI chipmakers lower. The leveraged South Korea ETF Direxion Daily South Korea Bull 3X Shares (KORU) fell another 10%. 

Trending Stocks To Watch

SK Hynix (SKHY), the South Korean memory giant reported strong earnings but its weak guidance, with the management highlighting continued supply shortages for advanced AI memory product triggered some weakness across chip names such as SanDisk (SNDK), Micron (MU), AMD (AMD), Nvidia (NVDA) and ASML (ASML) 

Additionally for Micron Technology (MU), regulatory disclosures revealed CEO Sanjay Mehrotra sold $37.3 million in common stock.

Meta Platforms (META): Reports after market close, with Wall Street assessing whether AI ad-targeting tools are driving revenue growth high enough to justify rising capital expenditures.

Microsoft (MSFT) also reports results after the bell; investors will be watching for proof that massive AI infrastructure spend is yielding revenue gains. Azure's performance will be the other factor in play. 

Bloom Energy (BE): Soared 10% in early premarket trade after Q2 revenue crossed $1 billion for the first time, delivering a double beat and raising its 2026 outlook on data center power demand.

SpaceX (SPCX): Cathie Wood's ARK continues to buy the dip in SpaceX along with Tesla (TSLA) and Intuitive Machines (LUNR).

Robinhood Markets (HOOD): Reports after the close following a sharp two-week pullback that wiped nearly 20% from its market value.

Other tickers trending on Stocktwits at the time of writing included Capricor Therapeutics (CAPR), Intel Corp (INTC), Ocular Therapeutics (OCUL), and Seagate Technologies (STX).

Other Catalysts To Watch

On the earnings front, SoFi Technologies (SOFI), Procter & Gamble (PG), Biogen (BIIB), Lemonade (LMND), and Amarin Corp (AMRN) are among top names reporting before the open. Starbucks (SBUX) and Qualcomm (QCOM) join Meta, Microsoft, and Robinhood in a heavyweight post-close lineup. 

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