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Stock market today: Dow, S&P 500, Nasdaq futures steady after Korean stocks fall, Iran resumes attacks
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Stock market today: Dow, S&P 500, Nasdaq futures steady after Korean stocks fall, Iran resumes attacks
Grace O'Donnell · Editor, Special Projects Wed, July 29, 2026 at 4:20 AM EDT 2 min read
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US stock futures found a footing on Wednesday after Iran launched surprise attacks against the US, lifting oil prices, and South Korea's benchmark index got hammered again, pointing to continued selling pressure in US chip stocks at the open.
S&P 500 futures (ES=F) edged up 0.2%, while those on the Dow Jones Industrial Average (YM=F) hovered above the flat line. Contracts for the tech-heavy Nasdaq-100 (NQ=F) were slightly lower after investors in Asia again dumped chip stocks like Samsung (005930.KS) and SK Hynix (000660.KS, SKHY), driving the KOSPI Composite (^KS11) to a nearly 6% loss.
SK Hynix's second quarter profit rose by 557% year over year, the company reported after the US market close on Tuesday. That was less than Wall Street expected, prompting concerns that the artificial intelligence boom may be slowing.
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Two "Magnificent Seven" earnings results stand as the other big catalyst for the AI trade, with reports from Microsoft (MSFT) and Meta (META) dropping after the bell. It could be a make-or-break moment for tech stocks after Alphabet's (GOOG, GOOGL) capital expenditure guidance last week spooked markets, resurfacing fears about the AI boom's sustainability.
In the Middle East conflict, Iran launched an "attempted surprise attack" on Tuesday, according to US Central Command, reengaging fighting between the US and Iran for the first time since a pause in hostilities on Friday. Oil prices jumped, with Brent crude (BZ=F) gaining over 3% to trade near $85 per barrel.
The strikes come ahead of the Federal Reserve's interest rate decision at 2:00 p.m. ET, a pivotal moment when the central bank either holds rates steady or raises them for the first time in three years. Traders' expectations lean toward the Fed keeping rates unchanged, but persistently high inflation and Chairman Kevin Warsh's measures to clamp down on Fed communications have left the door open for a hike.
Aside from the Big Tech updates, markets will be treated to a slew of quarterly updates from consumer-facing companies, including Procter & Gamble (PG), Starbucks (SBUX), and Chipotle Mexican Grill (CMG). Investors will also be on the lookout for Qualcomm (QCOM) and Arm Holdings (ARM) results after the bell.
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