S&P 500 futures were higher on Wednesday night. Futures for the overall index trading higher by 0.11%, while Nasdaq 100 futures higher by 0.20%. Dow Jones Industrial Average futures is higher 06 points.

Points to Know Before Market Opens

The S&P 500 recently broke a six-day streak of all-time closing highs, with meme stocks like Opendoor Technologies, GoPro, and Krispy Kreme seeing significant declines. Despite this, stock futures were relatively flat Wednesday morning, anticipating an eventful day. All eyes are on the U.S. Federal Reserve's interest rate decision, expected at 2 p.m. ET. While a rate cut seems highly unlikely, with futures pricing in a 98% chance of the central bank holding steady, the meeting is still generating significant interest. This is largely due to recent public disagreements between Fed Chair Jerome Powell and President Donald Trump, keeping Powell in the spotlight even if policy remains unchanged. Following the announcement, attention will shift to Powell's press conference at 2:30 p.m. ET.

Hopes for a quick U.S.-China trade deal before Friday's tariff deadline are diminishing. U.S. Commerce Secretary Howard Lutnick indicated that China's negotiations are on a separate timeline. While Friday is a "hard deadline" for tariff payments, negotiations can continue beyond that date, and Treasury Secretary Scott Bessent suggested that temporary tariffs wouldn't be "the end of the world." However, many companies have reported that these levies could cost them hundreds of millions of dollars.

Starbucks delivered a positive surprise, beating analyst expectations for revenue in its third fiscal quarter. Shares rallied in premarket trading as the coffee giant's turnaround, spearheaded by CEO Brian Niccol, appears to be accelerating. Despite this positive news, Starbucks still faces a challenge as it reported its sixth consecutive quarter of falling same-store sales, highlighting the "back to basics" strategy outlined by Mike Grams to regain customers. In the luxury sector, Gucci is struggling. Its sales plunged about 25% in the second quarter, leading to a 15% overall sales decline for its parent company, Kering. The luxury group experienced a decline across all markets, with Japan and the broader Asia Pacific region seeing the most significant drops.

The 10-year Treasury yield is higher by 0.006 at 4.334%. The 2-year Treasury is lower by 0.02 at 3.873%.