TLDR
- Dow, S&P 500, and Nasdaq futures were little changed Wednesday after both the S&P 500 and Nasdaq closed at record highs a day earlier.
- The Federal Reserve’s September meeting minutes are due at 2 p.m. ET, with traders watching for clues on future rate hikes.
- Brent crude futures traded above $100 a barrel after fresh Houthi attacks on Saudi Arabia kept tensions high in the Middle East.
- Treasury yields ticked higher, and French government bond yields climbed again over renewed concerns about the country’s finances.
- Nvidia, Apple, and Microsoft now make up roughly a fifth of the S&P 500, showing how concentrated the market’s recent gains have been.
US stock futures were little changed Wednesday morning. Investors are waiting for minutes from the Federal Reserve’s September meeting.
Futures tied to the Dow Jones Industrial Average slipped slightly below the flat line. Futures for the S&P 500 and the Nasdaq traded close to flat.
The muted moves come a day after both indexes closed at record highs. An artificial intelligence rally helped push stocks to those levels.
Fed Minutes Could Signal the Next Move on Rates
The Fed’s meeting minutes are due out at 2 p.m. ET Wednesday. Traders will look for hints on whether the September rate hike was a one time move.
🏛️LIVE: The Fed's FOMC minutes drop TODAY at 2PM ET.
This was Kevin Warsh’s first rate hike as Fed Chair in a unanimous 12-0 vote to raise rates to 3.75%-4.00%.
What we already know:
– dot plot shows one more hike in 2026
– inflation is still running too hot at ~3.7%
– Oct… pic.twitter.com/SWZq4nyUNd— Coin Bureau (@coinbureau) October 7, 2026
As of Tuesday, traders had priced in about 20% odds of another rate hike at the Fed’s October meeting next week. The minutes could shift those odds.
Bond yields pulled back on Tuesday but stayed near multi decade highs. The US 10 year yield was last around 5.3%.
Overseas, yields on French government bonds rose again Wednesday. They remain below the levels hit last week when worries about France’s finances resurfaced.
Oil Prices Stay High on Middle East Tensions
Brent crude futures traded above $100 a barrel on Wednesday. Prices were last near $101.
The gains followed fresh attacks by Yemen’s Houthi rebels on Saudi Arabia. The attacks have kept tensions high across the Middle East.
Higher oil prices add another factor for investors to track this week. Energy costs can feed into inflation data the Fed watches closely.
Market gains this year have been concentrated in a small group of companies. Nvidia, Apple, and Microsoft together make up about a fifth of the S&P 500’s weight.
That concentration means a handful of stocks can drive much of the index’s movement. Analysts have pointed to this as a factor behind the market’s recent record highs.
Nvidia shares ticked up slightly in premarket trading Wednesday. The chipmaker has been a central player in the recent rally tied to artificial intelligence spending.
Earnings season continues this week. Levi Strauss and Applied Digital are both scheduled to report results Wednesday.
Investors will watch those reports alongside the Fed minutes. Both could move markets before Wednesday’s close.
As of early Wednesday trading, the S&P 500 E-Mini was up slightly near 7,875. The Nasdaq 100 E-Mini and Dow E-Mini both slipped, while the 10 year Treasury yield stood at 5.309%.
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