S&P 500 futures were little changed Wednesday, as oil prices spiked ahead of the Federal Reserve’s latest interest rate decision. Futures contracts tied to the broader index were flat, while Nasdaq 100 futures dipped 0.1%. Dow Jones Industrial Average futures were down 333 points, or 0.6%, weighed down in part by a revenue miss from Procter & Gamble. Investors are looking ahead to the Federal Reserve’s interest rate decision and subsequent press conference with Chairman Kevin Warsh on Wednesday afternoon. Fed funds futures traders are pricing in a nearly 70% likelihood that the central bank holds rates steady at the current target range of 3.5% to 3.75%, according to CME’s FedWatch tool. “We continue to believe markets are placing too much weight on inflation risk and too little weight on the economic consequences of further tightening,” said Julia Hermann, global market strategist at New York Life Investment Management. “A more hawkish communication stance would likely test today’s narrow market leadership more than the broader market.” Semiconductors appeared set for a lower open, with the iShares Semiconductor ETF (SOXX) falling slightly in the premarket. Chip stocks have declined for four straight trading sessions, down nearly 7% week to date, amid growing anxiety over the return on massive artificial intelligence spending, as well as fears of greater competition from China. SK Hynix’s U.S.-listed shares were down almost 2.1% in premarket trading. The South Korean semiconductor mainstay trimmed losses to close 9.6% lower in Seoul on Wednesday after falling 15% earlier in the session. Shares of Procter & Gamble fell more than 2% in the premarket after the consumer goods company missed revenue expectations in its latest quarter. Ford Motor shares jumped 4.9% after the automaker beat earnings expectations and lifted its 2026 forecast. But Visa shares slipped roughly 1% after the payments giant posted underwhelming guidance. Investors are coming off another mixed session. On Tuesday, the Dow surged more than 500 points, marking the blue-chip average’s third straight winning day, as the recent pullback in oil prices provided upward momentum. But the Nasdaq Composite ended in the red for the fifth consecutive session, dragged down by struggling chip stocks. U.S. Treasury yields edged higher on Wednesday as Wall Street awaits the Federal Reserve’s interest rate decision and subsequent press conference with chair Kevin Warsh. The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — rose over 1 basis point to 4.614%. The 2-year Treasury note yield, which more closely tracks short-term Federal Reserve interest rate policy, was up over 1 basis point at 4.291%. The longer-dated 30-year Treasury bond yield was broadly flat at 5.1%. Hong Kong’s Hang Seng index was up 1.75% in the last hour of trade on Wednesday, while mainland China’s CSI 300 closed 0.67% higher at 4,600.26. South Korean and Japanese stock markets closed lower Wednesday, weighed down by tech stocks. South Korea’s Kospi was the main laggard in Asian trading, closing 6% lower at 5,663.24, as heavyweights SK Hynix and Samsung Electronics plunged nearly 10% and over 5%, respectively. Japan’s Nikkei 225 closed 1.49% lower at 61,434.19, with tech giant SoftBank Group falling 7%. Australia’s benchmark S&P/ASX 200 rose over 1% to 9,038.60, supported by healthcare and consumer cyclicals stocks. Oil rose sharply Wednesday after President Donald Trump said the U.S. will hit Iran hard in retaliation for an attempted surprise attack on American forces. Brent crude futures, the international benchmark, gained 6.6% to $89.61 a barrel. U.S. West Texas Intermediate futures advanced 6.4% to $84.31 per barrel. Gold prices edged up on Wednesday, supported by some ​technical buying, as investors ​hunkered down for the ​Federal Reserve’s interest rate decision later today. Spot gold gained 0.22% to $4,036.09 an ounce, while U.S. gold futures for August delivery were steady at $4,037.30. “Gold is holding ⁠up ‌today on dip-buying around the psychological $4,000 level, prospects ⁠of a US-Iran diplomatic off-ramp, and market expectations for a Fed hold,” said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.