It's Fed Day, earnings season is in full swing, and the Middle East just got a lot more complicated. That's the trifecta facing investors Wednesday morning, and so far, the market is taking it in stride. U.S. stock futures are pointing higher across the board, with the Dow Jones, S&P 500, and Nasdaq 100 all posting modest gains.

The calm might be a bit deceptive. Overnight, the U.S. military confirmed it intercepted a surprise Iranian missile attack after U.S. Central Command said Iran launched multiple ballistic missiles at American forces in the region. That's the kind of headline that usually sends oil prices spiking and risk appetite shrinking. And indeed, crude oil WTI futures jumped more than 3% to around $81.75 a barrel. But equity futures are holding up, suggesting investors are either numb to geopolitical shocks or are choosing to focus on the other big events today.

One of those events is the Federal Reserve's interest rate decision, due at 2:00 p.m. ET. Fed Chair Kevin Warsh has been notably tight-lipped lately, eliminating any forward guidance in his last speech. So the market is flying a bit blind. The CME Group's FedWatch tool puts the odds of a rate hold at 70.6%, which feels about right. The 10-year Treasury yield is at 4.61%, and the two-year is at 4.30%.

President Donald Trump added his voice to the mix, telling reporters aboard Air Force One on Monday that the U.S. should have the lowest interest rate in the world. That's not exactly a formal policy proposal, but it's a reminder that the White House is watching the Fed closely.

Here's where the major index futures stood early Wednesday:

The SPDR S&P 500 ETF Trust (SPY) was up 0.24% at $742.65 in premarket, while the Invesco QQQ Trust ETF (QQQ) advanced 0.015% to $675.59.

Stocks In Focus

Ford Motor

Ford Motor Co. (F) rose 4.08% in premarket after reporting better-than-expected second-quarter earnings and raising its FY26 adjusted EBIT guidance. The auto giant is showing some real operational momentum, and the market is rewarding it. Stock rankings indicate that F maintains a strong price trend in the long, short, and medium terms.

Microsoft

Microsoft Corp. (MSFT) was up 0.96% as analysts expect it to post quarterly earnings of $4.24 per share on revenue of $87.63 billion after the closing bell. The stock's price trend is weak across all time frames, according to stock rankings, but the earnings report could change that narrative quickly.

Meta Platforms

Meta Platforms Inc. (META) was 0.70% higher, with analysts expecting earnings of $7.18 per share on revenue of $60.22 billion after the bell. Stock rankings show a weak price trend in the short, medium, and long terms, but a good quality score.

Qualcomm

Qualcomm Inc. (QCOM) was down 0.60% as analysts expect earnings of $2.09 per share on revenue of $9.67 billion after the close. The stock's price trend is weak across all time frames, with a moderate value score.

Bloom Energy

Bloom Energy Corp. (BE) surged 11.00% after posting second-quarter revenue of $1.07 billion, crushing the analyst estimate of $822.77 million, and adjusted earnings of $0.78 per share, nearly double the expected $0.40. That's a blowout quarter. Stock rankings indicate a weak price trend in the short and medium terms but a strong trend in the long term, with a good growth score.

Cues From Last Session

Tuesday's session was a mixed bag. Consumer staples, health care, and materials stocks led the gains, while energy and information technology shares bucked the trend and closed lower. Here's how the major indices finished:

Insights From Analysts

Professor Jeremy Siegel sees the U.S. economy and stock market in a "more balanced environment" with solid underlying strength but near-term friction. He points to exceptionally strong labor conditions and stable growth, though rising energy costs are a key challenge.

On monetary policy, Siegel expects the Fed to hold rates steady but notes the central bank will have to navigate ongoing money supply expansion and persistent inflation risks. He warns that "the bar for positive surprises has become considerably higher" due to elevated valuations, rising real yields, and higher oil prices.

Siegel highlights two key catalysts:

• Geopolitics: Resolution in the Middle East could be a major market mover. "If the Strait of Hormuz was opened, I believe the market would be 5% to 10% higher."
• AI & Capital Spending: He advises caution on tech capex, comparing heavy AI spenders to historical "Capital Pigs." While the AI revolution is real, "markets are beginning to distinguish between companies building the infrastructure and those capable of earning attractive returns on that infrastructure."

His bottom line: future equity gains will require greater selectivity and disciplined attention to valuation.

Upcoming Economic Data

The main event today is the U.S. interest rate decision at 2:00 p.m. ET. That's where all eyes will be.

Commodities, Crypto, And Global Equity Markets

Crude oil WTI futures were up 3.18% in early New York trading, hovering around $81.75 per barrel, as the Iran missile attack stoked supply concerns.

Gold spot rose 0.27% to around $4,039.51 per ounce, while the U.S. Dollar Index slipped 0.07% to 101.3480.

Bitcoin (BTC) was trading 1.39% higher at $64,305.37 over the last 24 hours.

Asian markets closed mixed on Wednesday. Japan's Nikkei 225 and South Korea's Kospi fell, while Australia's ASX 200, Hong Kong's Hang Seng, India's Nifty 50, and China's CSI 300 rose. European markets were mostly lower in early trade.