U.S. Futures Steady as Fed Decision Looms; General Mills and Apple in Focus

U.S. stock futures traded little changed on Wednesday as investors awaited the conclusion of the Federal Reserve’s two-day policy meeting, with markets eager for signals on the pace and scope of monetary easing. At 06:35 ET (10:35 GMT), Dow Jones Futures edged up 30 points, or 0.1%, S&P 500 Futures gained 2 points, or 0.1%, and Nasdaq 100 Futures added 3 points, or 0.1%.

The muted moves followed a cautious session on Wall Street Tuesday, while the dollar slipped to fresh 52-week lows, highlighting investor wariness ahead of the Fed’s rate announcement.

Fed Policy Outlook in Focus

The Fed is widely expected to approve a 25-basis-point rate cut later in the day, lowering the federal funds rate to 4.00%-4.25%. Slowing job creation and a higher unemployment rate have strengthened the case for policy support, though traders see only slim odds of a deeper half-point move.

Fed funds futures suggest policymakers may cut borrowing costs by 65–70 basis points by year-end. Markets will scrutinize the Fed’s updated economic projections, the “dot plot” of rate expectations, and Chair Jerome Powell’s press conference for clarity on whether easing will be gradual or more aggressive if labor market weakness intensifies.

ING analysts noted that while inflation remains above target — and tariffs are likely to keep it elevated in the near term — the balance of risks has shifted toward supporting growth.

Earnings and Corporate Updates

Shares of packaged foods giant General Mills (NYSE:GIS) slipped in premarket trading after the company reiterated its annual sales and profit forecasts but reported a 16% year-on-year drop in North American volumes. The group behind Chex cereal and Nature Valley bars now expects full-year adjusted profit to fall 10–15%, with organic sales ranging from –1% to +1%.

Apple (NASDAQ:AAPL) also drew attention as smartphone sales in China fell 6% ahead of the iPhone 17 launch, a sharper-than-usual slowdown, according to Counterpoint Research.

Elsewhere, Baidu (NASDAQ:BIDU) surged on growing confidence in its domestic AI chip development as Beijing accelerates efforts toward semiconductor independence.

Biopharma firm Cytokinetics (NASDAQ:CYTK) announced plans to raise up to $550 million through a 2031 convertible notes offering, while premarket moves also included downside in Dave & Buster’s and Rocket Lab following weaker earnings and capital-raising announcements, respectively.