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US stock futures rallied on Wednesday amid a tech revival that sent the Nasdaq surging, as investors got ready to find out the Federal Reserve's decision on whether to cut interest rates.

S&P 500 futures ( ES=F ) climbed 0.9%, while Nasdaq 100 futures ( NQ=F ) jumped 1.5% after the tech-heavy index closed sharply lower . Dow Jones Industrial Average futures ( YM=F ) moved up 0.1%.

Tech stocks are in the ascent again after taking a battering in recent days. The first earnings from "Magnificent Seven" megacaps stirred fears the AI boost would prove a bust, after falling short of high hopes.

A swathe of positive news is spurring a pre-market comeback for chip stocks, with AMD ( AMD ) shares getting a boost from an AI-driven earnings beat. Nvidia ( NVDA ) climbed over 6%, regaining ground lost in a steep drop on Tuesday, in the halo of the results. Elsewhere, Dutch chip gear giant ASML's ( ASML , ASML.AS ) stock surged after Reuters reported the US will exempt some foreign allies from new China curbs.

As that pressure eases, the spotlight is turning to the Fed, which is expected to hold interest rates steady but signal a cut is in the pipeline when it ends its July policy meeting later Wednesday.

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The market is overwhelmingly convinced a Fed pivot is coming in September — the debate now is whether rates will go down by 0.25% or 0.5%, according to the CME FedWatch tool . Chair Jerome Powell's post-meeting comments will be closely followed for hints that recent inflation and labor data could support a deeper cut.

Meanwhile, more earnings are set to roll in, with reports from Boeing ( BA ), Kraft Heinz ( KHC ) and MasterCard ( MA ) expected before the bell. Meta's ( META ) results due later will be scrutinized for signs that the Facebook parent's AI spending is paying off — the big question for megacaps this season.

In commodities, oil jumped after the killing of Hamas' political leader in an airstrike stoked geopolitical tensions. Brent crude ( BZ=F ) futures, the global benchmark, rose 3% to top $80 a barrel. US benchmark West Intermediate crude futures ( CL=F ) climbed to $77.31 a barrel, a 3.5% gain.