5 things to know before markets open on Wednesday

Happy Wednesday. And congratulations to Josh D’Amaro, who replaced Bob Iger today, on his first day on the job. disney’s CEO. CNBC’s Lillian Rizzo details what’s in store for the Mouse House’s new leader.

Stock futures are rising this morning. All three major indexes closed higher on Tuesday.

Here are five important things investors need to know to start their trading day.

Today is Fed Day, but don’t get too excited. Traders are almost certain the U.S. Federal Reserve will remain on hold given inflation concerns, an uncertain labor market and the war with Iran.

Here’s what you need to know:

Federal funds futures are pricing in a near zero chance that the Federal Open Market Committee will cut interest rates today, and are instead betting that the central bank’s key interest rate will remain between 3.5% and 3.75%. Even before the Iran war began, hopes for a rate cut at today’s meeting were dim. However, expectations for a rate cut were postponed further due to the aftermath of the conflict, namely soaring oil prices and concerns about inflation. Futures prices currently indicate that the central bank will wait until at least September before cutting interest rates, and that it will cut rates only once this year. Before the war, there were two interest rate cuts in the market, the first of which was in June. All eyes will be on Chairman Jerome Powell for insight into how Fed officials are thinking. However, traders may be wary of giving too much credence to Powell’s comments as his term nears its end. Meanwhile, the February Producer Price Index is scheduled to be released this morning at 8:30 a.m. ET. Follow us here for the latest live market information.

shares of Macy’s Shares rose 9% this morning after the company beat expectations for its fourth quarter. Despite the strong results, the company gave a cautious outlook for the fiscal year, expecting sales and earnings per share to be lower than a year ago.

CEO Tony Spring touted Macy’s progress in an interview with CNBC, pointing to growth across all three of the company’s brands. But he said uncertainty around gas prices and tariffs clouded the future. “We’re not economists. The team is really focused on controlling what we can control.”

lululemon Investors’ expectations for the year ahead have also been subdued. The athleisure retailer yesterday beat analysts’ expectations for the fourth quarter but issued a weak outlook as proxy fights and tariffs weigh on revenue.

Oil prices resumed their rise yesterday, with Brent crude rising 3.2% to over $103 per barrel. President Donald Trump benefited from saying NATO allies would not get involved in the Iran war, which he called a “very stupid mistake.”

US diesel prices exceeded $5 for the first time since December 2022 as oil turmoil continued. Since the start of the war, average diesel prices have increased by 34%, and average gasoline prices have increased by 27%, according to AAA.

Iranian attacks on US assets in the Middle East and Israel intensified this morning following yesterday’s killing of Iranian Security Chief Ali Larijani.

micron Stock prices are rising ahead of the company’s second-quarter earnings report this afternoon. The company’s stock is up more than 60% so far this year, making it the only green company among the 10 most valuable U.S. tech companies in 2026.

As CNBC’s Jordan Novelt reports, Micron’s surge is due to a lack of memory. Micron makes memory and storage for artificial intelligence systems, an area where Nvidia’s memory-rich AI chips are in high demand.

Analysts expect the company to report 148% year-over-year revenue growth since Bell.

delta airlines, american airlines and jet blue airlines Yesterday, airline companies raised their first-quarter revenue forecasts even as the airline industry faces soaring fuel prices. Delta Air Lines CEO Ed Bastian told CNBC that “really great” travel demand is offsetting both fuel costs and the impact of the recent winter storm.

Meanwhile, as the Department of Homeland Security remains shut down, Transportation Security Administration employees are forced to work without pay, and long security lines at some airports are causing some to speak out and some to quit. Senate Democrats seeking changes to the agency’s immigration operations sent a counterproposal to the White House yesterday.

Orlando Bravo has a message for civilian market critics. Thoma Bravo co-founder told CNBC’s Leslie Picker yesterday that experience separates winners from losers and that his company’s customers continue to have confidence in its track record.

—CNBC’s Lillian Rizzo, Jeff Cox, Pia Singh, Sean Conlon, Melissa Repko, Gabrielle Fonrouge, Lee Ying Shan, Spencer Kimball, Kevin Breuninger, Anniek Bao, Jordan Novet, Laya Neelakandan, Michele Luhn, Garrett Downs and Yun Li contributed to this report. Melody Warner edited this version.