Stock Market Today: Dow Jones Futures Tumble, S&P 500 Gains As Investors Await FOMC Decision—Amkor, La-Z-Boy In Focus

U.S. stock futures diverged Wednesday morning ahead of the Federal Reserve's 2:00 p.m. ET rate decision, with Dow Jones futures falling while S&P 500 and Nasdaq 100 futures advanced. Markets priced in a 99.6% probability the FOMC will hold rates steady.

Individual stocks showed sharp moves on company-specific catalysts. La-Z-Boy surged 19.62% after reporting earnings that beat expectations and announcing a $300 million share buyback program. Amkor climbed 5.49% following the announcement of a 10-year manufacturing agreement with TSMC. SpaceX gained 3.22% after completing its acquisition of Cursor AI.

The split futures performance reflected uncertainty ahead of the Fed announcement, with rate-sensitive sectors showing varied reactions despite near-certainty on the policy outcome. The contrast between declining Dow futures and gains in the S&P 500 and Nasdaq 100 suggested investors rotated into growth and technology names while trimming exposure to industrials and cyclicals.