Futures Rise Before Fed Decision; Lululemon, Duolingo Fall

Key Moments

U.S. equity index futures were modestly higher by 07:50 ET (11:50 GMT) ahead of the Federal Reserve’s interest rate decision.
Lululemon Athletica shares moved lower after the company issued a 2026 outlook that came in below analysts’ revenue and profit projections.
Constellation Brands advanced in premarket trading after an analyst upgrade to “buy,” while Duolingo declined on a ratings downgrade.

Index Futures Gain Ahead of Fed Decision

U.S. stock index futures were in positive territory on Wednesday as market participants awaited the latest interest rate decision from the Federal Reserve and monitored developments related to the war in Iran.

By 07:50 ET (11:50 GMT), the Dow futures contract was up 159 points, or 0.3%, S&P 500 futures were higher by 23 points, or 0.3%, and Nasdaq 100 futures had risen 116 points, or 0.5%.

Contract	Move (points)	Change (%)
Dow futures	+159	0.3%
S&P 500 futures	+23	0.3%
Nasdaq 100 futures	+116	0.5%

Notable Premarket U.S. Stock Movers

Several individual names were active in premarket trading as corporate news and analyst actions drove stock-specific moves.

Guidance, Buybacks, and Sector Commentary

Shares of Lululemon Athletica came under pressure after the athleisure retailer released a 2026 revenue and earnings outlook that fell short of analysts’ expectations.

DocuSign traded higher after the software company boosted its share repurchase authorization by $2 billion.

Applied Optoelectronics, Lumentum, and Coherent all advanced following company comments on optical demand made at an event.

Analyst Rating Changes Drive Moves

Constellation Brands ticked up after analysts raised their rating on the beverage producer to “buy” from “neutral.”

CF Industries moved lower after Mizuho Securities cut its rating on the fertilizer company to “underperform” from “neutral,” pointing to supply disruptions stemming from the war in Iran.

Duolingo, the language learning software provider, declined after Argus Research downgraded the stock to “hold” from “buy.”

Grail Inc gained more than 4% after TD Cowen analysts upgraded the life sciences company to “buy” from “hold.”

Corporate Collaboration and Technology

Coupang traded higher after the company announced a collaboration with Nvidia that resulted in an artificial intelligence-enhanced platform designed to support its e-commerce logistics and delivery operations.