US stock futures traded in a narrow range on July 29 as investors braced for the Federal Reserve's FOMC rate decision and a fresh batch of memory chip earnings. The prior session saw a split market, with the Dow gaining 537 points while the Nasdaq closed lower. Pre-market futures showed modest fluctuations as traders awaited the latest policy signals from the Fed.

Memory chip stocks extended their selloff, with SK Hynix and Micron Technology posting steep declines, while Intel also weakened. Seagate Technology stood out as a rare bright spot in the chip space, rallying on stronger-than-expected quarterly results. Large-cap tech names were relatively steady ahead of the open.

Memory Chip Rout Deepens as SK Hynix Results Disappoint

In pre-market trading, SK Hynix (SKHY) tumbled nearly 9% to $130.17; Micron Technology (MU) slumped over 8% to $820.53; and Intel (INTC) fell close to 6% to $86.30.

SK Hynix reported fiscal 2026 second-quarter results after the close, posting revenue of 79 trillion won — up 51% sequentially but well short of the 85 trillion won consensus estimate. Gross margin came in at 83%, also below the 84%-85% Street forecast. Despite record operating profit of 60.5 trillion won, the company's heavy exposure to HBM meant it failed to fully capture the benefit of rising prices in conventional memory chips. The miss reignited debate over whether AI-driven demand is cooling. Analysts noted that the selloff in Korean chip stocks reflects a bursting of positioning-driven froth rather than any fundamental deterioration in industry conditions, with AI demand still underpinning the long-term memory chip outlook.

Seagate Surges 5% After Record-Breaking Quarter

Bucking the sector-wide selloff, Seagate Technology (STX) rallied in pre-market action. The company reported fiscal 2026 fourth-quarter revenue of $3.629 billion, up 48% year-over-year, with net income of $1.294 billion, surging 164% from a year earlier. Full-year revenue reached $12.195 billion and net income hit $3.184 billion — both all-time highs. The blowout results and upbeat guidance powered the stock higher even as the broader chip sector came under heavy selling pressure.

Big Tech Steady Pre-Market; Meta Earnings in Focus

Ahead of the open, Nvidia (NVDA) edged up 0.25% to $197.01; Apple (AAPL) gained nearly 1% to $340.08; Microsoft (MSFT) rose over 1% to $429.68; Meta (META) advanced close to 1% to $565.23; and Amazon (AMZN) added about 0.6% to $186.40.

Meta is set to report second-quarter earnings on Wednesday, with analysts projecting revenue of $60.22 billion and earnings per share of $7.14. Capital expenditure guidance will be the key focus for the Street. Meanwhile, Mark Cuban drew parallels between Nvidia's role in the AI boom and the dot-com era, warning that a breakthrough by a competitor could trigger a market recalibration. The Fed's FOMC is also due to announce its rate decision on the same day, with markets widely expecting rates to be held steady at 3.75%.

Elsewhere, Bloom Energy (BE) raised its full-year 2026 guidance; JetBlue Airways (JBLU) surged over 10%; American Airlines (AAL) climbed nearly 3%; and Ford Motor (F) gained close to 2%.