Stock futures were rising on Wednesday as investors shrugged off a jump in oil prices ahead of a Federal Reserve interest-rate decision and a flurry of Big Tech earnings reports.

Seagate Technology rose 5.6% after the data-storage company reported stellar earnings and revenue for its fiscal fourth quarter, as the artificial-intelligence boom drives up demand for its products. Rival Western Digital also got a boost, climbing 3.3% in the premarket.

SK Hynix American depositary receipts slid 2.4% ahead of the opening bell after the South Korean memory-chip maker missed Wall Street's second-quarter earnings target. Rival Micron slipped 0.6%.

Ford jumped 4.9% after the auto maker posted a better-than-expected operating profit for the second quarter and raised its full-year outlook.

Vertiv slumped 12% after the data-infrastructure company's second-quarter revenue missed analysts' target.

Facebook parent Meta Platforms and IT giant Microsoft are among the companies set to report after Wednesday's closing bell.