New York, Jan 28, 2026, 06:10 EST — Premarket
U.S. stock index futures climbed in early premarket trading Wednesday as investors prepared for the Federal Reserve’s policy announcement and a fresh batch of megacap earnings reports. S&P 500 futures rose 0.32%, Nasdaq 100 futures advanced 0.72%, while Dow futures ticked up 0.10%. 1
The Fed is set to hold rates steady, but traders are scouring for clues on how much leeway policymakers might have to cut later this year. Right now, the benchmark federal funds rate sits between 3.50% and 3.75%. 2
Wall Street starts the day with the S&P 500 just under 7,000, following its fifth consecutive gain on Tuesday. Despite a sharp selloff in health insurers dragging the Dow into negative territory, the S&P 500 closed up 0.41% at 6,978.60. The Nasdaq rose 0.91%, while the Dow dropped 0.83%. Phil Blancato, chief market strategist at Osaic Wealth, described the action as “a bit of a bifurcated market.” Adam Rich of Vaughan Nelson highlighted the weaker dollar, calling it “really positive for S&P earnings going forward.” 3
Texas Instruments surged roughly 9% in premarket action after the analog chipmaker forecast first-quarter revenue and earnings that topped Wall Street’s expectations, driven by AI data center demand. CEO Haviv Ilan announced the company would start reporting data center sales separately; that segment’s revenue jumped 70% in the December quarter and made up 9% of total sales in 2025. Analyst Tore Svanberg of Stifel noted the industry’s inventory correction is “essentially complete.” 4
Seagate Technology climbed in after-hours trading following a strong earnings report, beating estimates with $3.11 per share on $2.83 billion in revenue. The storage giant highlighted solid demand linked to cloud data centers and AI workloads. CEO Dave Mosley called 2025 “a milestone year” for the company and set guidance around $2.9 billion in revenue for the fiscal third quarter of 2026. 5
ASML rose early, and cybersecurity company F5 gained following their earnings reports. Meanwhile, chipmaker Qorvo fell after a disappointing forecast, dragging down other chip stocks. Barron’s noted Seagate surged in premarket trading, with investors keeping an eye on Western Digital as well among storage plays. 6
The rally has leaned heavily on technology and other growth stocks once more, leaving little tolerance for weak guidance. Traders swiftly punish any signs of a slowdown in enterprise spending or a hiccup in the AI rollout.
The biggest risk today remains the Fed: a hawkish surprise or even hesitancy on the next rate cut could rattle rate-sensitive stocks and pressure a market sitting close to its highs. Meanwhile, policy headlines on Medicare payments continue to unsettle insurers, and that issue shows no sign of fading soon.
All eyes turn to the Fed’s statement at 2:00 p.m. EST, followed by Chair Jerome Powell’s press conference at 2:30 p.m. Meta Platforms, Microsoft, and Tesla are set to release earnings later Wednesday, while Apple reports on Thursday. 7
