Pre-market futures are down as the Dow sees a decline of 340 points, reflecting a wider concern over market volatility. This follows overseas turbulence in the memory chip market, notably impacting SK Hynix, which reported a 6% drop in South Korea’s KOSPI index. Meanwhile, the Federal Open Market Committee (FOMC) is set to conclude its fifth meeting of 2026 at 2 PM ET, with speculation around a potential quarter-point interest rate hike due to rising inflation, currently around 4%.
In geopolitical developments, Saudi Arabia has launched attacks on Iran-backed forces in Iraq, escalating tensions that initially involved the U.S. and Israel. Spot oil prices have risen but remain in the $80s per barrel, a significant drop from the recent peak over $100/bbl.
In earnings reports, Procter & Gamble (PG) exceeded fiscal Q4 earnings expectations by $0.02 per share, while Humana (HUM) announced a considerable Q2 earnings surprise, reporting $7.61 per share against the $6.22 consensus. Biogen (BIIB) also outperformed estimates with Q2 earnings of $3.60 per share on revenues of $2.74 billion.
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