Dow futures soar ahead of Fed decision: 5 things before market open

US stock futures edged higher on Wednesday as investors turned a bit optimistic with reducing oil prices ahead of the Federal Reserve rate decision today.

Futures linked to the Dow Jones Industrial Average were up about 240 points, or 0.5%. The S&P 500 and Nasdaq 100 futures also gained roughly 0.5% and 0.7%.

This comes after a relatively steady Tuesday session, where the Dow, S&P 500, and Nasdaq finished higher.

5 things to know before Wall Street opens

1. The looming Federal Reserve rate decision is all set to be the highlight of the day.

Most expect the central bank to keep rates steady in the 3.5% to 3.75% range, as it takes a wait-and-see approach on inflation and economic growth.

The bigger focus is on what Fed Chair Jerome Powell says next.

With oil prices still volatile, traders will be listening closely for any hints on whether rising energy costs could complicate the Fed’s plans and influence future policy moves.

2. Things are finally going back to normal for the Bureau of Labor Statistics, which is set to release February’s Producer Price Index on Wednesday.

The print is running into delays due to multiple government shutdowns, and Wednesday's numbers are coming less than three weeks after the January report.

Investors will be paying close attention to whether producer prices keep cooling or start picking up again, especially in areas like energy, goods, and supply chains.

3. Wednesday is set to be a big day on earnings fronts as memory giant Micron is all set to post its latest quarterly earnings after the closing bell.

The chipmaker has been one of the standout performers this year, with its stock surging nearly 62%.

That rally has largely been fueled by booming demand for high-bandwidth memory, a key component powering AI systems and data centers.

Investors will be watching closely to see if Micron can maintain that momentum, especially as expectations are already high.

4. Mortgage rates climbed sharply last week, hitting their highest level since late last year and quickly cooling the refinance momentum that had been building earlier in 2026.

As a result, overall mortgage application activity dropped 10.9% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average rate for a 30-year fixed mortgage with conforming loan balances rose to 6.30% from 6.19%.

5. The investors across the globe are waiting for the Federal Reserve decision on Wednesday, and the markets in Europe traded on a muted note while Asian stocks closed mixed.

The FTSE 100 was largely flat, while Germany’s DAX and France’s CAC 40 were seen gaining around 0.6%.

In Asia, tech and auto stocks got a boost after Nvidia’s strong outlook, helping South Korea and Hong Kong Japan closing higher while mainland China slipped.