S&P futures edged higher early Wednesday, as investors keep a close watch on rising oil prices and the upcoming decision on interest rates from the Federal Reserve. S&P 500 futures increased by 0.18%, while Nasdaq 100 futures experienced a decline of 0.11%, reversing previous gains. Futures for the Dow Jones Industrial Average increased by 35 points, currently positioned just above the flatline. West Texas Intermediate crude futures increased approximately 3.7%, reaching around $82 a barrel, following a statement from U.S. Central Command on social media indicating that forces of the Islamic Revolutionary Guard Corps had launched “multiple ballistic missiles in an attempted surprise attack on U.S. forces based in the Middle East.” Centcom reported that the missiles were successfully intercepted.

Investors are anticipating the Federal Reserve’s decision regarding interest rates, along with the subsequent press conference featuring Chairman Kevin Warsh on Wednesday afternoon. Traders in Fed funds futures are assigning a probability of nearly 70% to the scenario in which the central bank maintains its current target range of 3.5% to 3.75%, as indicated by CME’s FedWatch tool. SK Hynix’s U.S.-listed shares experienced a decline of nearly 2.1% in premarket trading. The South Korean semiconductor mainstay reduced its losses to finish 9.6% lower in Seoul on Wednesday, having previously declined by 15% earlier in the session. A broader decline among major index constituents resulted in a significant drop for South Korea’s benchmark. The Kospi closed 6% lower, while Japan’s Nikkei 225 dropped 1.49%. Mainland China’s CSI 300 concluded with an increase of 0.67%. Australia’s benchmark index experienced an increase of more than 1%.

In Europe, the Stoxx 600 index experienced a decline of 0.34%, with the majority of regional sectors slipping into negative territory, as the French CAC 40, German DAX, and Italian FTSE MIB all recorded slight decreases. Only the U.K.’s FTSE 100 sustained its upward trajectory, supported by the inclusion of significant oil companies within the index. Ford Motor shares surged by 4% in after-hours trading following the automaker’s outperformance against earnings expectations and an upward revision of its 2026 forecast. However, Visa shares declined by approximately 1% following the release of guidance that fell short of expectations. Traders propelled the Dow upward by more than 500 points on Tuesday in anticipation of the forthcoming decision. It marked the blue-chip average’s third consecutive day of gains, with the recent decline in oil prices contributing to upward momentum.

However, the Nasdaq Composite concluded in negative territory for the fifth consecutive session, weighed down by underperforming chip stocks. The VanEck Semiconductor ETF experienced a decline of 3.5% on Tuesday, marking its fourth consecutive session in the red. This decline resulted in the fund’s one-week loss exceeding 9%. “We continue to believe markets are placing too much weight on inflation risk and too little weight on the economic consequences of further tightening,” said Julia Hermann. “A more hawkish communication stance would likely challenge today’s narrow market leadership more than the broader market.” Before the Federal Reserve’s decision, investors will keep a close eye on earnings reports from Procter & Gamble and Humana, which are set to be released before the market opens. Results from major technology leaders Microsoft and Meta Platforms, along with semiconductor manufacturer Qualcomm, are expected to be released in the afternoon.