US markets today: Dow, S&P 500, Nasdaq futures hint mixed open ahead of US Fed outcome; SK Hynix, Logitech, stocks to watch

US equity futures indicate a mixed bag opening on Wednesday, October 28, as investors remain cautious ahead of the US Fed policy outcome, which will determine interest rates for the economy. Key focus will also remain on the elevated oil prices and massive buying cues in tech and chipmaking stocks due to positive earnings from companies in Asia.

The United States Federal Reserve’s FOMC is set to conclude its two-day monetary policy meeting and publish the outcome through an official press release at 2:00 pm (ET), as per the official schedule.

For investors in India, the FOMC outcome will be announced at 11:30 pm (IST) on Wednesday, which will be followed by a press conference from Chairman Kevin Warsh at 12 am (IST).

Investing.com data suggests that the Dow Jones futures were trading 0.19% lower at 52,485 points ahead of the opening bell on October 28, indicating a potentially lower or flat opening on Wednesday.

The S&P 500 index futures were up 0.10% at around 7,766 points during the pre-market hours on Wednesday, while the Nasdaq 100 futures were trading 0.36% higher at 29,919 points ahead of the market open.

Key things to watch before US market open

US stocks to watch today

Asian market momentum

The equity market indices in Asia ended largely higher after the trading session on Wednesday, October 28, as investors focused on the momentum from the previous Wall Street close and the rally in tech stocks after SK Hynix’s quarterly earnings.

Japan’s Nikkei 225 ended 1.08% higher, Hang Seng closed 0.23% higher, China’s Shanghai closed 0.91% higher, South Korea’s KOSPI ended 6.6% higher, and Singapore’s FTSE ended largely flat after Wednesday’s trading session.

In contrast, the Indian stock market index, SENSEX, closed 0.48% lower due to massive selling pressure from investors and a sharp rise in oil prices.

Oil jumps over 2%

Global crude oil prices rallied over 2% to hit a high of $116.35 per barrel (bbl) on October 28, as investors became concerned over the latest reports of the United States threatening further military action after the upcoming US midterm elections next week.

Investing.com data showed that Brent crude prices were trading 1.1% higher at $115.13 per bbl as of 5:42 pm (IST) on Wednesday’s market, in comparison to $113.88 per bbl at the previous commodity market close.

Energy prices have risen nearly 6% in the last five market sessions, over 15% in the last one-month period, and have gained 37% in the last three-month period, as per the exchange data.

Oil prices remain sensitive and linked to the geopolitical developments in West Asia, and any escalation or disruption will impact oil prices in the upcoming period.

How did US markets end on Tuesday?

The US equity market indices ended largely higher after the trading session on Tuesday, October 27, with key focus on the rally in tech and AI chipmaking stocks amid steady bond yields and earnings beating expectations.

Dow Jones Industrial Average ended 0.03% higher at 52,377.57 points after the trading session on Tuesday, in comparison to 52,361.58 points at the previous equity market close, according to MarketWatch data.

The S&P 500 index closed 0.60% higher at 7,722.60 points after Tuesday’s market session, compared to 7,676.77 points at the previous US stock market close.

The exchange data also showed that the Nasdaq 100 futures surged to end 1.29% higher at 29,651.44 points after the market session on October 27, in comparison to 29,273.40 points at the previous Wall Street close.