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US stocks recovered some ground before the bell on Wednesday as investors waited for the Federal Reserve’s policy decision, seeking insights into the economy in the face of tariff risks.
S&P 500 futures (ES=F) put on 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) moved up 0.3%. Dow Jones Industrial Average futures (YM=F) were little changed, after the major gauges failed to muster a comeback on Tuesday with tech leading the way down.
The Fed is overwhelmingly expected to hold interest rates steady in its policy decision on Wednesday afternoon. But investors are still looking to policymakers to provide a catalyst as stocks attempt to recover from their recent sharp sell-off.
CBOT – Delayed Quote USD
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With rate cuts seen as off the table for March, the focus is on the “dot plot” — where Fed officials think rates will move next — and Chair Jerome Powell’s press conference to set expectations for future easing.
“Powell post-FOMC will have to reassure markets growth remains healthy and inflation’s trajectory still points to 2% as confidence is wavering amid stagflation worries, or outright recession fears,” Evercore ISI’s Julian Emanuel said in a note to clients.
Read more: The latest on Trump’s tariffs
In particular focus is the Fed’s view of how Trump’s trade, immigration, and government-shrinking policies led by Elon Musk’s DOGE group will impact inflation, the labor market, and the wider economy. It comes as investors grow increasingly concerned about US economic growth.
Elsewhere, stocks in Turkey plunged amid a deepening political purge, the latest geopolitical sign of markets on edge to grab Wall Street attention.
In individual names, Nvidia (NVDA) stock rose 1.3% in premarket, set to recoup some of Tuesday’s tech-rout losses as GTC-linked headlines rolled in.
LIVE 7 updates
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Turkish markets nosedive after Erdogan rival’s arrest
Turkish financial markets plunged after police there arrested Istanbul’s mayor, the main rival to President Erdogan in Turkey’s next election.
Stocks on Turkey’s benchmark index dropped so fast that it triggered a trading halt, while its currency, the lira, tumbled over 10% to a record low against the dollar at one point.
The signs of political purge spooked investors focused on the prospects for Turkey’s recent market-friendly policies.
Bloomberg reports:
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Trending tickers in premarket trading: Tesla, Strategy, General Mills, Intel
Tesla (TSLA): Shares in the electric vehicle maker bounced back by 3% in premarket trading after the stock sold off Tuesday on new competitive pressures from Chinese rivals BYD, Xiaomi, and XPeng. Tesla stock has provided a windfall for short sellers this year, as it’s down over 44% since the start of 2025.
Also on Wednesday, Howard Lutnick’s Cantor Fitzgerald upgraded Tesla shares to a Buy rating, writing that the recent sell-off “represents an attractive entry point for investors.”
Strategy (MSTR): The bitcoin holder formerly known as MicroStrategy rose 1.9% in early trading and looks poised to stage a comeback from yesterday’s sell-off. The Michael Saylor-run firm said it would be selling stock to buy more bitcoin on Tuesday, sending mixed signals to investors.
General Mills (GIS): Shares in the maker of Pillsbury and Cheerios fell nearly 4% premarket after General Mills forecast a sharp decline in annual sales and profit Wednesday morning. Consumers switching to private-label brands has hit the cereal and snack maker particularly hard.
Intel (INTC): Intel stock slipped premarket in a week where investors weighed incoming CEO Lip-Bu Tan’s AI plan to turn the ailing chipmaker’s business around. Shares are off by 2.5% after a five-day winning streak.
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Wall Street wants new clarity from the Fed and Powell
Wall Street is convinced the Fed won’t make any move on interest rates today, given the risk of Trump’s tariffs hitting the economy. “Uncertainty” is the watchword it expects to hear.
“Fed Chair Powell is probably going to say that over and over,” Wilmington Trust portfolio manager Wil Stith said.
Investors are focused instead on the 2 p.m. ET release of the Fed’s quarterly forecasts — otherwise known as the Summary of Economic Projections (SEP) — for any clues to the path forward, Yahoo Finance’s Jennifer Schonberger reports.
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Nvidia edges into the green as Wall Street weighs GTC news
Nvidia (NVDA) shares turned slightly higher in premarket trading, up about 1% as investors digested a stream of news from the chipmaker’s annual GTC event.
The highlight: the next-gen Blackwell Ultra chip, unveiled by CEO Jensen Huang in his keynote on Tuesday. The latest: Nvidia is joining an Abu Dhabi-backed project to develop AI infrastructure pioneered by Microsoft (MSFT) and BlackRock (BLK).
The stock is set to claw back some losses after the AI bellwether’s shares closed over 3% lower on Tuesday. But the jury is still out on whether Nvidia has given its stock bulls the truly fresh catalyst they want, Yahoo Finance’s Brian Sozzi reports.
“Jensen delivered the goods and gave the grand AI vision for Nvidia, and that’s what long term investors want. Short term, traders wanted something more granular, and just like CES, that was unrealistic,” Wedbush tech analyst and Nvidia bull Dan Ives said. “We graded this [an] A+ keynote — inflection point in AI spend.”
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Good morning. Here’s what’s happening today.
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BofA recommends caution, fearing China’s stock rally to enter correction ‘soon’
Bloomberg reports:
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Oil prices slide as 30-day ceasefire opens door for increase in supply
Oil prices continue a 3-month drop from January with news that Moscow and Kyiv have agreed to a ceasefire on energy infrastructure.
Reuters reports:
