Wall Street futures mixed today: 5 things to know before markets open

US stock futures were little changed on Tuesday as investors paused after Monday’s record-setting rally and turned their attention to Kevin Warsh’s first Federal Reserve decision as chair.

The market mood was still supported by lower oil prices after the US-Iran peace framework, but traders were reluctant to add risk before the Fed’s latest inflation projections.

Technology remained the bright spot. SpaceX extended its post-IPO surge, memory chip stocks gained, and Qualcomm drew attention after a report that it was pursuing a major AI chip deal.

The session is shaping up as a test of whether tech momentum can outrun rate anxiety.

5 things to know before Wall Street opens

1. Futures drift before the Fed

US stock futures edged higher, with S&P 500 futures little changed, Nasdaq 100 futures up 0.2%, and Dow futures rising 43 points, or 0.1%.

The muted tone followed a strong Monday session, when the Dow closed at a record after oil prices fell and inflation fears eased.

The Fed is expected to leave rates unchanged at 3.50% to 3.75% on Wednesday. The bigger issue is how Warsh describes inflation, unemployment and the rate path.

2. SpaceX rally keeps tech alive

SpaceX rose about 10% in premarket trading, extending its post-IPO run and putting it on course to challenge Amazon’s market value.

The stock has become a key barometer of risk appetite after its blockbuster Nasdaq debut.

3. AI chip trade broadens

Memory chip names also gained before the bell, with Micron, Western Digital and Seagate rising between 2.9% and 4.8%.

Qualcomm climbed after The Information reported that the company was in talks to buy AI chip startup Tenstorrent for $8 billion to $10 billion.

4. Oil relief is not complete

The US-Iran agreement has pushed oil lower, but shipping confidence around the Strait of Hormuz may take weeks to rebuild.

That keeps airlines, cruise operators and energy producers in focus.

Lower crude helps the inflation story, but it does not remove the Fed’s problem. Inflation remains above target, and markets still see a meaningful chance of a December rate hike.

5. Stock movers add to the split tone

Dave & Buster’s fell sharply after missing quarterly earnings and revenue expectations. The weak report added a consumer caution note to a session otherwise led by technology.

The Bank of Japan also raised rates to a 31-year high, reminding investors that global central banks are still fighting inflation even as Middle East risks ease.