New York, April 29, 2026, 07:03 EDT
Nasdaq 100 futures climbed 98.75 points to 27,267.50 by 6:50 a.m. EDT, outpacing other indexes as traders braced for earnings from four top tech heavyweights and waited to see what the Fed would do on rates. S&P 500 mini futures ticked up 6.00 points to 7,177.00, while Dow minis posted a modest 20.00-point gain at 49,317.00.
This matters today because the market’s big pillars—AI investment and a predictable Fed—face pressure all at once. After the bell, results are coming in from Amazon, Meta Platforms, Microsoft, and Google parent Alphabet. Traders are also betting the central bank will keep rates steady.
Futures contracts allow investors to gauge index levels ahead of the opening bell. They indicated a stronger start to the session—though gains looked modest, not dramatic.
Tech earnings are making waves. The so-called hyperscalers—four giants running sprawling cloud networks—account for upwards of $10 trillion in market cap, holding 17% of the S&P 500’s total weight, according to Reuters. Their 2024 capex? Forecast north of $600 billion, much of it earmarked for data centers and the infrastructure behind AI.
Chuck Carlson, chief executive at Horizon Investment Services, put it this way: the companies are still “the straw that stirs the drinks” for major index funds. Over at BCA Research, chief U.S. equity strategist Noah Weisberger pointed out that investors want capital spending to translate into actual revenue growth soon—within the next few quarters, not just more outlays. Reuters
The setup comes after tech stocks slipped Tuesday—AI optimism took a hit, with the Wall Street Journal reporting OpenAI missed its own user and revenue goals. That reignited some nerves about valuations and returns, according to Capital.com’s Kyle Rodda, who pointed to the steep run-up in U.S. tech shares.
The Fed isn’t making things simpler. According to Reuters, most expect policymakers to leave interest rates unchanged—possibly Jerome Powell’s last meeting as chair. Lingering inflation, especially from rising energy costs, keeps the central bank from loosening policy.
Francesco Pesole at ING Economics flagged that Powell’s remarks might get a careful read, since this could be his final press conference. Still, the bigger worry is Powell “errs on the hawkish side.” In marketspeak, hawkish signals a bias for tighter policy—holding rates up to curb inflation. Reuters
Premarket action turned volatile in spots. Robinhood Markets slid 10% after coming up short on both profit and revenue, its crypto business tumbling 47% year-on-year. Analysts at Raymond James pointed to rougher trading flows and what looks like fatigue among retail traders. Reuters also flagged tougher competition—from crypto-first platforms, plus industry names like Charles Schwab and Morgan Stanley’s E*TRADE.
Visa climbed 5% in premarket trading, buoyed by a stronger-than-expected Q2 profit and an upgraded full-year earnings outlook. Cross-border volume increased 12% in constant-dollar terms. Finance chief Chris Suh pointed to the new $20 billion buyback as evidence of what he called a balanced capital-allocation approach, in comments to Reuters. The stock’s performance has trailed the S&P 500 so far this year, but it’s beaten American Express.
Starbucks shares climbed 5% as the company raised its annual outlook, crediting increased customer visits and the turnaround led by Chief Executive Brian Niccol. Niccol pointed to healthy sales momentum in April. Stifel analysts called the rebound broad-based, not tied to a single income segment.
Chip stocks got some action, too. Shares of NXP Semiconductors jumped 16.1% after the company projected second-quarter revenue and profit ahead of Wall Street estimates, offering investors a clearer signal on demand outside the big AI players.
There’s a chance Big Tech can’t back up its spending spree. Walter Todd, chief investment officer at Greenwood Capital, warned that if hyperscalers pull back on spending, it could spark “a very negative reaction” in AI-linked stocks—chipmakers and data-center suppliers included. Reuters
Premarket moves look focused—buyers are showing up, but only if conditions line up. The open might hinge less on futures action and more on what Powell says later, plus after-hours news out of the AI-linked names.
