US stock futures barely budged on Wednesday morning. Everyone’s just waiting for the Fed’s next move on interest rates. Pretty much everyone expects another quarter-point cut—the third one this year—but inside the Fed, there’s still a real split. Some officials think the economy needs more help, while others worry that too many cuts will only fan the flames of inflation again.
For most traders, the main event is Jerome Powell’s press conference. They’re hanging on every word, especially anything about where rates might go in 2026 and beyond. If Powell even hints that rate cuts could slow down, don’t be surprised if the mood in the markets shifts fast.
Mixed Performance on Wall Street Ahead of the Meeting
The lead-up on Wall Street was mixed. On Tuesday, the Dow slipped 0.38%, mostly because JPMorgan shares tanked almost 5% after the bank predicted its costs could hit $105 billion in 2026. The S&P 500 dipped 0.09%—investors just aren’t in the mood to make big bets before they hear from the Fed.
Tech Stocks Help Lift Nasdaq Despite Market Uncertainty
However, tech stocks managed to keep the Nasdaq in positive territory. The index added 0.13%, helped by gains in shares of Tesla, Broadcom and Alphabet. All three rose by 1% or more, enough to help cushion against some of the broader market turbulence.
Bottom line? Investors are just sitting tight, waiting for the Fed to lay out its plans for next year and beyond. Nobody’s rushing in until they get some real answers.
