Yesterday, equity indices closed lower. The S&P 500 fell by 0.49%, while the Nasdaq 100 dropped by 0.90%. The Dow Jones Industrial Average lost 0.05%.

US stock futures ticked up slightly after yesterday's sell-off as investors prepared for a slate of earnings from the largest tech companies amid an otherwise constructive earnings season. Markets are also awaiting the Federal Reserve's policy decision.

Nasdaq 100 futures added about 0.5% ahead of results from Alphabet Inc., Microsoft Corp., Amazon.com Inc., and Meta Platforms Inc. S&P 500 futures also firmed, and the MSCI Asia-Pacific index gained 0.3%. European stocks are expected to post modest gains.

Brent crude is trading around $110.00 per barrel. Earlier, the commodity approached $112 after reports that US President Donald Trump had instructed aides to prepare for a prolonged blockade of Iran.

As noted above, major tech companies are set to report today, and investors will look for Fed clues on the path for interest rates. Tech has been the engine of global equity markets in recent weeks, offsetting losses from the Middle East conflict, so this week's earnings will be crucial to sustaining the rally.

Data shows that tech sector profits are expected to rise by about 41% year-on-year in Q1, marking the largest increase of any S&P 500 sector. So far, many companies have largely avoided the consumer spending hit, economic uncertainty, and supply chain disruptions tied to the Iran war.

Treasuries were broadly unchanged after Tuesday's sell-off, when higher oil pushed up inflation expectations and reduced the odds of Fed rate cuts ahead of Wednesday's decision.

Gold ticked up slightly to around $4,600 per ounce.

As for the S&P 500 technical picture, the primary task for buyers today is to overcome the nearest resistance level of $7,156. That would help the index gain upside momentum and could pave the way for a surge to $7,174. Equally a priority for bulls is control above $7,190, which would strengthen buyers' positions. In the event of a downside move amid waning risk appetite, buyers must defend around $7,138. A break below that level would likely push the instrument back to $7,125 and could open the way to $7,106.