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US stock futures traded mixed on Wednesday as chipmakers advanced following record earnings from SK Hynix, while investors awaited a Federal Reserve interest-rate decision and results from major technology companies.
Premarket figures at 6:57 a.m. ET showed Nasdaq-100 futures rising 0.45% and S&P 500 futures gaining 0.24%. Dow Jones Industrial Average futures fell 121 points, or 0.23%.
The mixed trading followed Tuesday's gains, when the Nasdaq Composite rose 1.18% and the S&P 500 added 0.6%. The Dow finished up 0.03%, as weakness in Boeing limited the index's advance.
South Korean memory-chip maker SK Hynix reported third-quarter revenue of 104.6 trillion won and operating profit of 83.3 trillion won. The company said growing demand for artificial intelligence memory products drove its results.
Operating profit increased more than sevenfold from a year ago, while revenue rose 32% from the previous quarter. SK Hynix also secured long-term agreements covering more than half its planned production capacity for 2027 and 2028.
The results lifted semiconductor shares before the U.S. opening bell. SK Hynix's U.S.-listed shares gained about 8.5%, while Micron Technology rose 4.2%. Advanced Micro Devices added 1.8%, Nvidia gained 0.8% and Marvell Technology advanced 2.3%. In South Korea, the company's results also helped lift the Kospi index more than 6%.
The Federal Reserve has scheduled its policy decision for 2 p.m. ET after concluding its two-day meeting. Markets broadly expect officials to leave the benchmark interest-rate range unchanged at 3.75%–4.00%, following a quarter-point increase in September.
Traders will also examine Chair Kevin Warsh's remarks for indications of how the central bank may approach later meetings. CME FedWatch estimates put the probability of no rate change at roughly 90% ahead of the announcement.
Inflation remains part of that assessment. Higher energy prices have added to concerns that price pressures could persist, giving policymakers less room to lower borrowing costs.
U.S. economic data due Thursday, including third-quarter gross domestic product and the September personal consumption expenditures report, will provide further evidence on growth and inflation. Traders have also priced in further rate increases extending into 2027, making the Fed's guidance relevant beyond Wednesday's decision.
Microsoft and Alphabet will release quarterly results after Wednesday's closing bell. The companies' cloud businesses and spending on data centers are expected to draw attention as investors assess whether higher investment in artificial intelligence is producing additional sales. Microsoft confirmed that its report covers the first quarter of its 2027 fiscal year.
Alphabet gained about 1.5% before the market opened, while Microsoft shares edged lower. Technology stocks have recovered this week after a weaker first half of October, with the Nasdaq up about 2% so far this week.
However, spending funded through borrowing remains a concern for investors while interest rates stay elevated. Morgan Stanley strategist Mike Wilson said Tuesday that "most of the correction is already over," referring to the recent weakness in technology stocks.
Elsewhere, Robinhood Markets dropped about 7.2% in premarket trading after its third-quarter earnings missed Wall Street estimates. The company reported cryptocurrency transaction revenue of USD 120 million, down 55% from a year ago.
Diluted earnings per share fell to USD 0.51, while total revenue reached USD 1.42 billion. Analysts had expected earnings of USD 0.55 per share, according to estimates cited before the market opened.
By contrast, data-center equipment supplier Vertiv climbed 15.3% after exceeding quarterly expectations and raising its full-year forecasts. Visa slipped about 1.8% following its earnings report. The contrasting moves showed investors responding to company results even as the broader market waited for the Fed decision.
Treasury yields edged higher before the Fed announcement. The benchmark 10-year yield traded near 5.01%, while the two-year yield stood around 4.75%. In energy markets, U.S. crude futures approached USD 101.30 a barrel, with Brent trading near USD 114.85, amid renewed Middle East tensions.
Asian stocks closed mostly higher. South Korea's Kospi climbed 6.63%, and Japan's Nikkei 225 advanced 1.08%. European markets traded mixed, with the Stoxx 600 slightly lower.
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