2026.07.2911:52:50UTC+00US Futures Trade Mixed

Futures tied to major US equity indices continued to diverge, as chipmakers paused their recent selloff ahead of key earnings releases and the Federal Reserve’s policy decision. S&P 500 and Nasdaq 100 futures edged higher, while Dow Jones Industrial Average contracts fell about 100 points, paring some of the index’s recent outperformance.

Microsoft rose 1% and Meta was little changed ahead of their after-hours earnings, which will be closely watched as the latest gauge of AI infrastructure spending. Mounting concerns that AI-related capital expenditures may be overextended have recently weighed on the “Magnificent Seven” mega-cap stocks and sparked a pullback in chipmakers, eroding part of their strong gains from late last quarter.

The Fed is widely expected to leave interest rates unchanged, though one or more dissents in favor of a hike are possible, underscoring signs of a more divided FOMC. The Dow also faced pressure from a renewed jump in oil prices, following fresh clashes between Iran and the US that have added to inflationary concerns. Visa slipped 1% despite reporting revenue growth last quarter.