Nasdaq Futures Rise on SK Hynix Earnings Blowout

Futures on the Dow Jones Industrial Average (DJI) are trading flat this morning, erasing steeper losses from earlier as investors zero in on today's Fed decision. At 2 p.m. ET, the Federal Open Market Committee (FOMC) will announce the interest rate decision for October. The Fed is expected to keep rates steady, with CME's FedWatch tool showing a 90.6% chance rates will remain unchanged. The 10-year Treasury yield is higher in anticipation, last seen at 5.00%. 

Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are modestly higher, as tech earnings -- including a blowout profit by SK Hynix (SKHY) -- boosted sentiment. Big Tech will continue to dominate the earnings docket, with Alphabet (GOOGL) and Microsoft (MSFT) slated to report after the closing bell. Meanwhile, the 30-year mortgage rate slid for a second consecutive week, down to 7.37% from 7.41%.

Continue reading for more on today's market, including:

• Senior Quantitative Analyst Rocky White delves into how SPY returns are impacted by varying VIX trading levels.
• How SpaceX managed to avoid last week's severe tech tumble.
• Plus, Google's latest chip decision; fintech stock slides after earnings; more on SK Hynix's third-quarter blowout. 

5 Things You Need to Know Today

1. The Cboe Option Exchange saw roughly 1.9 million call contracts and 1.1 million put contracts traded on Tuesday. The single-session equity put/call ratio fell to 0.59, while the 21-day moving average remained at 0.58. 
2. Alphabet Inc (NASDAQ:GOOGL) is up 1.2% before the bell, after the company announced that Oracle (ORCL) will sell Google's TPU chips, giving access to the public for the first time outside of the tech behemoth's infrastructure. Alphabet is slated share its Q3 report after the close today. Meanwhile, GOOGL is just above its year-to-date breakeven mark heading into today.
3. Robinhood Markets Inc (NASDAQ:HOOD) is off 6.4% in premarket trading, after the finance firm shared a weaker-than-expected third-quarter earnings, though revenue did come in-line with estimates. The fintech giant said crypto revenue dropped 55%. HOOD has struggled in 2026, down 16.4%.
4. SK Hynix Inc (NASDAQ:SKHY) is 7.2% higher ahead of the open, after the South Korean chipmaker reported a record third-quarter profit of $62.8 billion, beating estimates, and sharing an operating profit that grew 632% year on year. Despite sporting a 21% quarterly deficit, SKHY will be eyeing a fourth-straight daily win, should these gains hold.
5. All eyes are on today's October Fed decision.

Earnings Drag European Markets

Asian markets carried gains out of today’s session while investors enjoyed a hefty serving of corporate earnings and oil prices fell. The South Korean Kospi index surged 6.7% after the Korea Exchange initiated another buy-side sidecar on the Kospi, while SK Hynix’s (SKHY) post-earnings pop lifted sentiment. Elsewhere, Japan’s Nikkei gained 1.1%, and China’s Shanghai finished 0.9% higher, while Hong Kong’s Hang Seng tacked on 0.2%.

European bourses are trading lower Wednesday as investors filter through corporate earnings, while Unilever (UL) and GSK (GSK) drag London’s FTSE 100 after ‌their respective quarterly results. At last glance, the blue-chip FTSE 100 index is down 0.3%, while France’s CAC has shed 0.1%, and Germany’s DAX is 0.01% lower.