U.S. stock futures slip, South Korea's Kospi plunges 10%: Live updates - CNBC

What the report says

CNBC reported that U.S. stock futures were lower as investors prepared for a heavy week of mega-cap technology earnings and a Federal Reserve policy meeting. The outlet’s headline also pointed to a sharp move overseas, saying South Korea’s Kospi plunged 10%, while its snippet noted a decline in S&P 500 futures.

The cautious setup followed a mixed Tuesday session on Wall Street. The Dow Jones Industrial Average rose 537.24 points, or 1.03%, to 52,747.32, marking a third consecutive gain. The S&P 500 increased 0.21% to 7,428.78, while the Nasdaq Composite slipped 0.22% to 24,876.91 as semiconductor shares weakened. CNBC said the VanEck Semiconductor ETF fell more than 3%, with Micron and AMD each down more than 8%.

Earnings helped parts of the market. Sherwin-Williams gained 8% after stronger-than-expected second-quarter results, and Coca-Cola rose 5% after beating estimates and raising its full-year outlook. Apple briefly reached a $5 trillion market capitalization for the first time, according to CNBC, ahead of its quarterly report. Investors were also awaiting results from Amazon, Apple, Meta Platforms and Microsoft.

CNBC described a broader rotation away from high-flying technology and into older-economy, health care and financial names. Lower oil prices also supported sentiment, with WTI settling at $79.26 a barrel and Brent at $84.09. The Federal Reserve decision due Wednesday is central to the outlook, with investors expecting no immediate change but watching for signals on future rates.