Pre-Bell | S&P, Nasdaq Futures Rise; Marvell Soars 10%; Humana Jumps 7%; Novo Sildes over 3%; SoFi Drops over 8%

S&P 500 and Nasdaq futures edged up on Wednesday as investors braced for fresh economic data, a Fed policy decision and earnings reports from Wall Street's tech heavyweights.

Market Snapshot

At 7:40 a.m. ET, Dow e-minis were up 20 points, or 0.04%, S&P 500 E-minis were up 7.5 points, or 0.12%, and Nasdaq 100 E-minis were up 49.5 points, or 0.21%.

Pre-Market Movers

Marvell stock soared over 10% after announcing a new partnership with Rebellions Inc., a leading AI semiconductor company based in South Korea. The collaboration aims to deliver high-performance, energy-efficient AI systems specifically designed for sovereign-scale deployments across the Asia-Pacific region and the Middle East.

Shares in Wegovy maker Novo Nordisk continued to slide over 3% as analysts warned of persistent competition from copycat drugs in the U.S., a day after a profit warning and the naming of a new CEO prompted investors to wipe $70 billion off the drugmaker's value.

Humana rose 7.5% after the health insurer reported second-quarter adjusted earnings that beat analysts' estimates and boosted full-year profit guidance.

Second-quarter adjusted earnings of $55.40 a share at Booking Holdings, the online travel agency, topped analysts' consensus of $50.32 as revenue rose 16% to $6.8 billion and also topped forecasts. Booking expects third-quarter revenue to grow 7% to 9%. Booking shares declined 2.3%.

Starbucks was up 4.9% in premarket trading after the coffee chain posted fiscal third-quarter adjusted earnings that missed analysts' estimates but revenue of $9.5 billion that beat expectations of $9.29 billion. Global same-store sales and those in the U.S. declined 2% but CEO Brian Niccol said the company's turnaround was proceeding "ahead of schedule."

Mondelez posted second-quarter adjusted profit of 73 cents share, better than analysts' calls for 68 cents, but the maker of Oreos cookies said it expects fiscal-year adjusted earnings to decline about 10% on a constant currency basis "due to unprecedented cocoa cost inflation." Shares of Mondelez were down 2.9%.

LendingClub jumped 24% on strong second-quarter earnings and revenue and as loan originations grew 32% from a year earlier to $2.4 billion.

SoFi Technologies fell 8.5% after the fintech said its public offering of 71.9 million common shares was priced at $20.85 a share, for total gross proceeds of about $1.5 billion. The stock rose 6.6% in the previous session after SoFi reported better-than-expected second-quarter adjusted earnings on revenue growth of 44%.

Electronic Arts rose 1.7% in premarket trading after the video game company beat analysts' fiscal first-quarter bookings expectations ahead of a crucial few months for game releases. EA plans to reveal multiplayer gameplay for Battlefield 6 on Thursday, Madden NFL 26 launches on Aug. 14, and the latest version of the developer's flagship soccer franchise, FC 26, will go live on Sept. 26.

Visa reported fiscal third-quarter earnings that rose from a year earlier as the credit-card giant saw solid spending patterns amid concerns that inflation was sticking around and worries the economy may slow. Adjusted profit of $2.98 a share was better than Wall Street forecasts of $2.85. Revenue in the period rose 14% to $10.2 billion. The stock, however, was down 2.1% in premarket trading.

Seagate Technology fell 6.2% after fiscal fourth-quarter adjusted earnings and revenue, up nearly 30% from a year earlier to $2.44 billion, both beat analysts' estimates but the data-storage company guided for first-quarter revenue of $2.5 billion, plus or minus $150 million, compared with expectations of $2.53 billion.

Shares of Qorvo were rising 11% after the semiconductor company said it expects fiscal second-quarter adjusted earnings of $2 a share on revenue of about $1.025 billion, topping analysts' forecasts on both metrics.

Teradyne rose 7.5%. The maker of testing equipment for semiconductors and robotics, reported second-quarter adjusted earnings of 57 cents a share, better than Wall Street estimates of 54 cents. Revenue fell 11% to $651.8 million but still topped estimates.

Market News

India Eyes Fall Deadline for US Deal Amid Trump Threats

Indian officials are planning to continue negotiating with the US for a bilateral trade deal by fall of this year even if US President Donald Trump follows through with threatened tariffs this week, people familiar with the matter said.

New Delhi is less optimistic about securing an interim agreement with the Trump administration before an Aug. 1 deadline when higher US duties kick in, the people said, asking not to be identified as the discussions are private. If India is slapped with higher duties on its imports this week, officials see this as a temporary measure until talks on a broader bilateral deal are concluded in the fall, they said.

Fed to Hold Rates Steady Despite Trump's Push for Big Cuts

The Federal Reserve is expected to leave interest rates unchanged on Wednesday, six days after President Donald Trump again demanded that the U.S. central bank cut borrowing costs during a rare presidential visit to its headquarters in Washington.

The steep reduction in the benchmark interest rate that Trump wants - he has suggested cutting it from the current 4.25%-4.50% range to as low as 1% - is far out of line with an economy that has hewn largely to a steady-as-it-goes trajectory in the six weeks since the Fed's last meeting. Such dramatic rate cuts would likely boost inflation in the view of many economists and are more in line with what the central bank would do to lift the economy out of recession.