US futures subdued with retail earnings, FOMC minutes in focus; Asian stocks close mixed

US futures edge lower as retail earnings, Fed minutes weigh on sentiment; Asian stocks end mixed

US stock futures were subdued on Wednesday as investors digested a raft of retail earnings and awaited minutes from the Federal Reserve’s July policy meeting, which could offer fresh cues on the central bank’s rate-cut trajectory.

Futures linked to the S&P 500 were down about 0.2%, while Nasdaq-100 futures shed 0.3%. Dow Jones Industrial Average futures hovered near the flatline.

Retail stocks were in focus. Target tumbled more than 9% in premarket trade after reporting another quarterly decline in sales and announcing that longtime CEO Brian Cornell will step down in February. Lowe’s rose over 3% after beating quarterly earnings estimates and unveiling an $8.8 billion acquisition of Foundation Building Materials. Meanwhile, Estée Lauder fell 7% as its fiscal 2026 profit guidance came in below Wall Street’s expectations, citing tariff-related headwinds.

The earnings updates follow a choppy Tuesday session that saw the Dow notch an intraday record thanks to Home Depot’s upbeat results, while the S&P 500 and Nasdaq closed lower on weakness in technology names.

Investors are also awaiting the release of the Fed’s July meeting minutes later in the day. Policymakers had kept rates unchanged, but dissent from two Fed governors—Christopher Waller and Michelle Bowman—marked the first double dissent in over three decades. Markets are now pricing in an 85% probability of a September rate cut, according to CME FedWatch, with Chair Jerome Powell’s speech at Jackson Hole on Friday expected to provide further clarity.

“While there are some hot spots in this month’s inflation reading, it’s probably not enough to deter the doves on the committee,” said Andrzej Skiba, head of BlueBay U.S. Fixed Income at RBC Global Asset Management.

In corporate news, Hertz surged nearly 10% after announcing a partnership with Amazon Autos to sell pre-owned vehicles through the e-commerce platform. Semiconductor shares, however, came under pressure following reports that Washington is considering taking equity stakes in chipmakers like Intel in exchange for CHIPS Act funding.

Asian markets close mixed

Across Asia, markets ended on a mixed note. Japan’s Nikkei 225 slipped 0.3% as tech and semiconductor stocks weighed, while Hong Kong’s Hang Seng eked out a 0.1% gain, supported by consumer and property names. Mainland Chinese benchmarks ended largely flat as investors digested policy signals from Beijing ahead of key data releases. South Korea’s Kospi shed 0.2%, while Australia’s S&P/ASX 200 closed 0.4% higher, buoyed by miners and energy stocks.