Nasdaq futures exhibited a mixed performance on Tuesday, coinciding with a plethora of corporate earnings reports and the commencement of a Federal Reserve meeting regarding interest rates, as shares of chipmakers experienced further declines. Futures for the Nasdaq 100 and S&P 500 indicated declines of 0.9% and 0.1%, respectively, whereas futures for the Dow Jones Industrial Average experienced an increase of 0.3%. Yesterday, major indexes exhibited a mixed performance as the busiest week of the earnings season commenced. The blue-chip Dow and benchmark S&P 500 concluded the day with gains, whereas the tech-centric Nasdaq experienced a decline.

The Roundhill Memory ETF and broader iShares Semiconductor ETF experienced declines of 7% and 3.5%, respectively, early Tuesday. SK Hynix, Sandisk, Western Digital, and Seagate Technology experienced declines ranging from 4% to 6% in premarket trading, whereas Micron Technology and Intel both retraced by 5% each. Chipmaking giant Nvidia, which dropped 5% yesterday and lost its crown of the largest market capitalisation to Apple, was down a further 1% before the bell. Apple shares experienced an uptick. The Magnificent Seven mega-cap tech stocks exhibited a predominantly upward trajectory overall. United Parcel Service shares rose more than 2% after it reported better-than-expected results and lifted its outlook. Other notable companies issuing earnings reports before the bell include Coca-Cola and Boeing, while Visa and Ford Motor are slated to do so after markets close.

Oil prices experienced a further decline on Tuesday, attributed to a cessation of hostilities between the U.S. and Iran. U.S. benchmark West Texas Intermediate futures experienced a decline of 2.6%, settling at $80.50 per barrel, while global benchmark Brent crude futures saw a decrease of 3.1%, reaching $85.65. Shares of energy giants Chevron and ExxonMobil pulled back modestly after respective declines of roughly 2.5% and 1.5% yesterday. The two-day Federal Reserve meeting commences today, with the CME Group’s FedWatch tool indicating that traders are assigning a 34% probability to an interest-rate increase by the Federal Open Market Committee, a rise from approximately 26% just one week prior.

Additionally, there is now an 80% likelihood of a minimum quarter-percentage-point rate hike at the September meeting, compared to 64% a week earlier. The 10-year Treasury yield, a key determinant of interest rates across various consumer loans such as mortgages, stood at 4.62%, reflecting a decrease of nearly four basis points from Monday’s close. This follows a peak of nearly 4.72% on Thursday, the highest level observed since January 2025, driven by inflation concerns as petrol prices have risen above $4 a gallon. Bitcoin was trading around 63,400, down from overnight highs near 65,000. The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, remained relatively unchanged at 101.56. Gold futures experienced a decline of 1.1%, settling at $4,030 per ounce.