Market Pulse: Fed Day Puts Buyers Back on Defense After Tech Washout

Equity futures are firmer into Wednesday’s open, but the setup is more nuanced than a simple risk-on tape. The Dow held up best in the prior session, small caps were pressured, and Nasdaq absorbed the biggest hit as chip leadership faded. Overnight, futures are rebounding ahead of the FOMC decision, yields are calm, the dollar is steady, and crude is no longer pressing the inflation panic button.

That gives buyers room to work early. The bigger test comes later: today is Fed decision day, and a quiet morning tape can turn quickly once the statement, projections, and press conference hit.

What You Need To Know

S&P 500 futures are trading near 7,591, recovering from Tuesday’s futures settlement near 7,518.50.

Nasdaq 100 futures are near 30,482, bouncing after Tuesday’s tech-led pullback.

Dow futures are near 52,423, still the cleanest relative-strength read among the major index contracts.

Russell futures are near 2,967, repairing part of Tuesday’s small-cap weakness.

WTI crude is near $76, well below Monday’s stress area and no longer the main upside pressure point for inflation expectations.

VIX is near 16.3, contained but not complacent into a major event window.

The 10-year yield is near 4.44%, the 5-year near 4.17%, and DXY is near 99.6.

Today’s calendar centers on retail sales at 8:30 AM ET and the FOMC decision at 2:00 PM ET, followed by the Fed press conference.

Prior Session

Tuesday was a split tape. The Dow finished higher, but Nasdaq and semiconductors were hit hard enough to change the tone of the index conversation. That matters because the recent rebound has depended heavily on technology leadership.