S&P 500, Nasdaq, Dow Futures Edge Higher Ahead Of Fed Rate Decision: INTC, SNAP, SOFI, RUM In Focus

The Dow surged to a fresh intraday record on Tuesday before finishing at an all-time closing high, marking its second straight record close.

• Technology stocks fell on Tuesday, with chip stocks leading the losses amid a selloff in the sector. 
• SpaceX finished its third trading day nearly 5% higher, and became the fifth-most valuable company in the U.S. 
• Markets are tuned into the Federal Reserve’s policy meeting, with the rate decision expected on Wednesday.

U.S. stock futures rose in overnight trading late Tuesday following a mixed session on Wall Street, as easing oil prices and growing optimism around a potential Iran peace deal supported sentiment ahead of the Federal Reserve's first policy meeting under Chair Kevin Warsh.

Dow futures were up 0.12%, S&P 500 futures gained about 0.15%, and the Nasdaq 100 futures traded 0.21% higher as of 8.17 p.m ET.  

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ) and the SPDR Dow Jones Industrial Average ETF Trust (DIA) all traded higher. The SPY and DIA were trending in the ‘bullish’ territory at the time of writing, while the QQQ was in the ‘neutral’ territory.

The iShares 20+ Year Treasury Bond ETF (TLT) was trading flat amid ‘neutral’ sentiment at the time of writing.

How Did US Markets Fare On Tuesday?

On Tuesday, the Dow Jones Industrial Average marked its second straight record close while the S&P 500 and Nasdaq Composite closed lower amid a selloff in technology shares.

The Dow added about 328 points to close up 0.64%. Meanwhile, the S&P 500 was down 0.57% at close and the Nasdaq index fell 1.15%.

Index	Move	Close
Dow Jones Industrial Average	0.64%	51,999.67
S&P 500	-0.57%	7,511.35
Nasdaq Composite	-1.15%	26,376.34

US Market Drivers

Following sharp gains earlier this week due to optimism around a potential peace deal between the U.S. and Iran, stock markets took a breather on Tuesday as investors rotated out of highly-valued technology stocks and into other sectors.

Chip stocks fell sharply after a rally in the prior three sessions, with Nvidia Corp. (NVDA) falling more than 2% at close, and Micron Technology (MU), Advanced Micro Devices (AMD), and Broadcom Inc. (AVGO) also declining sharply amid a selloff in the sector.

Meanwhile, Elon Musk’s SpaceX finished its third trading day nearly 5% higher, and rallied to become the fifth-most valuable company in the U.S. The aerospace company’s market value has now surpassed that of Amazon.com (AMZN), after briefly overtaking Microsoft Corp. (MSFT) earlier in the day.

Financial companies led the stock market higher on Tuesday, with the Financial Select Sector SPDR ETF (XLF) closing up nearly 1.5% higher. Goldman Sachs (GS), Morgan Stanley (MS), and JPMorgan Chase & Co. (JPM) all closed in the green.

On the economic front, the Fed's two-day policy meeting kicked off on Tuesday, with the final rate decision expected on Wednesday. While markets overwhelmingly expect the central bank to leave interest rates unchanged, investors will be closely watching the first meeting led by Fed Chair Kevin Warsh for signals on the future direction of monetary policy.

According to the CME FedWatch Tool, traders are assigning a 99.4% probability to rates remaining unchanged. Still, the meeting is drawing significant attention, with Wharton School of Business finance professor emeritus Jeremy Siegel calling it one of the most consequential Fed meetings in years.

“The real issue is the framework policymakers adopt going forward. Investors will be focused on guidance, policy bias, and any changes in the Fed’s communication strategy,” Siegel has said.

Trending Stocks To Watch

Intel Corp. (INTC): The legacy chip maker announced at the VLSI Symposium in Hawaii that it has begun production of its advanced 18A-P chip process, a milestone that could strengthen its chances of securing future chip manufacturing business from Apple. Shares of the company were up 1.75% in the overnight session at the time of writing.

Snap Inc. (SNAP): Snap on Tuesday unveiled its new standalone augmented reality glasses, called "Specs," priced at $2,195, at the Augmented World Expo 2026, signalling the company's shift from developer-focused testing to a broader commercial preorder rollout.

Rumble Inc. (RUM): The company jumped onto the retail radar after CEO Chris Pavlovski appeared at UFC Freedom 250 hosted at the White House. Rumble has been garnering attention after it said last week that it has secured control of about 85.2% of Northern Data's shares, bringing it closer to completing the acquisition.

SoFi Technologies Inc. (SOFI): The fintech company’s shares jumped 2% in the overnight session after CEO Anthony Noto disclosed purchasing shares in the company worth more than $250,000, stoking investor optimism.

Global Market Trends

Oil prices were edging higher in the overnight session late Tuesday after a sharp drop in prices during market hours to below $80 a barrel. At the time of writing, Brent crude futures expiring in August were up about 0.63% to trade at around $79.46 a barrel, while WTI crude futures expiring in July were up 0.67%, trading around $76.56 a barrel.

Meanwhile, yields on the 10-year Treasury climbed to 4.437%, and gold prices climbed to around $4,337.59 an ounce.

Asian markets were trading mixed at the open on Wednesday. South Korea's KOSPI, Japan’s Nikkei 225 and China’s SSE Composite index were all lower at the open. Australian stocks were edging higher.

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