Federal Reserve Optimism and Corporate Earnings in Spotlight

Wall Street is set for a steady opening on Wednesday, buoyed by optimism surrounding potential Federal Reserve interest rate cuts. Investors are closely monitoring a fresh wave of corporate earnings that continue to drive market sentiment.

Notably, Advanced Micro Devices saw a significant decline of 5.4% in premarket trading owing to disappointing data center revenues. Similarly, AI server manufacturer Super Micro's shares fell by 17% following a miss on fourth-quarter revenue estimates, impacting rival companies like Dell Technologies and HP Enterprise as well.

In contrast, Uber's unveiling of a $20 billion stock buyback program led to a 1.3% rise in its shares, even as Disney's stronger-than-expected results failed to keep its stock from dipping 2.2%. With looming trade tensions and fluctuating economic indicators, market participants are betting heavily on a September Fed rate cut.

(With inputs from agencies.)