U.S. stock futures edged higher on Wednesday as investors awaited Nvidia’s earnings for the next major catalyst. Uncertainty over the Federal Reserve’s independence weighed on sentiment after President Trump moved to dismiss Fed Governor Lisa Cook over mortgage fraud allegations.

Markets now price an 87% chance of a 25-basis-point cut in September. 

WTI crude held near $63 per barrel, extending a 2% slide from the prior session as traders assessed looming U.S. tariffs on India. Indian refiners, after briefly scaling back imports under Western sanctions, resumed shipments for September and October, clouding the tariff outlook. 

Japan’s 10-year government bond yield hovered near 1.62% on Wednesday, close to the 17-year peak reached the day before, as markets awaited key economic data. 

Check out today's market analysis for more updates!