US equity futures are higher, overlooking both tech-led declines in Asia which saw the Kospi crash as much as 13% and trigger a second consecutive 20 minute market-wide halt, and the 5% jump in oil prices which has pushed Brent over $88. As of 7:30am ET, S&P 500 and Nasdaq 100 contracts are each up 0.2%, reversing sharp overnight losses, with tech flipping from laggard to leader and reversing (for now) a chip rout overnight which saw SK Hynix plunge 7.6% after tumbling 17% the session prior. With hyperscaler earnings today (MSFT and META), JPMorgan's trading desk - which has incorrectly called the bottom in the chip rout almost every day in the past month - asks if "perhaps we finally establish a floor within the Tech trade." Semis are higher pre-market with Mag7 mixed. Overnight, Korea / Semis took another leg lower with JPM’s Mixo Das seeing the levered ETF unwind in its 9th inning (90% complete). Defensives are leading Cyclicals (ex-Tech & Energy) with the Energy bid returning on news of renewed attacks in the Middle East. In fact, oil is trading 5% higher at session highs (above $83 for WTI and above $88 for Brent) which is pushing bond yields up 1-2bp as the curve flattens, USD is weaker. Today's macro focus is on the Fed (read out preview here). Most banks (but not Citadel) expect the Fed to hold with two or more hawkish dissents; the market is pricing a 32% chance of a hike.In premarket trading, Mag 7 stocks were mostly, if modestly, higher: (Alphabet +0.6%, Amazon +0.1%, Apple +0.2%, Meta +0.3%, Microsoft +0.2%, Nvidia +0.1%, Tesla +0.2%)Avantor (AVTR) rises 4% after the life-sciences company reported adjusted Ebitda and net sales for the second quarter that beat the average analyst estimate. The company also boosted its adjusted profit guidance for the full year.Bloom Energy (BE) jumps 8% after the fuel-cell maker posted earnings that were more than double expectations and raised full-year guidance for the second consecutive quarter, a sign of rampant demand from data centers.Caterpillar (CAT) falls 4% after Baird cut its recommendation to neutral, citing a growing trend of state and local government actions targeting data centers, which have become a key growth driver for the industrial giant.Ford (F) rises 5% after the automaker raised its profit outlook for the second time this year as consumers continue to snap up the automaker’s high-margin sutility vehicles.Garmin (GRMN) climbs 7% after the maker of GPS smartwatches boosted its pro forma earnings per share guidance for the full year.GE Healthcare (GEHC) climbs 11% after the maker of X-ray equipment reported adjusted earnings per share for the second quarter that beat the average analyst estimate. The firm also posted a booking ratio that was ahead of expectations.GlobalFoundries (GFS) gains 7% after the semiconductor contract manufacturing and design company signed a letter of intent with the US Department of Commerce.Humana (HUM) drops 7% after the insurer maintained its yearly profit guidance despite a strong second quarter.Johnson Controls International (JCI) rises 5% after after the HVAC equipment maker boosted its adjusted earnings per share forecast for the full yearKLA Corp. (KLAC) falls 8% after the semiconductor capital equipment company reported fourth-quarter results that Morgan Stanley called “uninspiring.”Lemonade (LMND) falls 12% after the insurance company reported less customers for the second quarter than analysts expected. It also said Nick Stead, the company’s senior vice president finance, will replace Tim Bixby as CFO effective Jan. 1.Manhattan Associates (MANH) rises 11% after the software company reported second-quarter results that beat expectations, prompting an analyst upgrade.O-I Glass (OI) is down 13% after the manufacturer of packaging products reported adjusted earnings per share for the second quarter that missed the average analyst estimate.Procter & Gamble (PG) slips 3% after giving a conservative outlook for its current fiscal year, highlighting the challenges the maker of Downy fabric softener faces as consumers retrench.Seagate Technology (STX) gains 5% after the computer hardware and storage company reported fourth-quarter results that beat expectations and gave a revenue forecast that is ahead of the consensus estimate.Teradyne (TER) gains 7% after the semiconductor manufacturing company reported second-quarter results that beat expectations and it gave a third-quarter forecast that is much stronger than expected.Vertiv (VRT) falls 14% after the power equipment company’s net sales missed estimates.In other corporate news, Cigna must defend against most claims of a proposed class action alleging the health insurer disclosed the personal information of patients to third parties in violation of federal and state privacy laws. Visa said it’s taking a $563 million charge tied to job cuts affecting about 7% of the workforce, part of an effect to operate more efficiently and focus on its biggest opportunities for growth. Canada plans to scrap a levy on entertainment companies including Netflix and Walt Disney, according to a court filing, after pushback from US officials and Hollywood studiosFutures are tentatively higher, ignoring a continued tech rout in Korea, and surging oil, but as Bloomberg notes, price action at this stage of the session likely offers little insight into how equities will trade over the next 24 hours, with the FOMC policy announcement and Meta and Microsoft earnings later. Stripping away the ongoing meltdown in the chip/memory bubble, the equal-weight version of the S&P 500 reached another record high in Tuesday’s cash session and themes of rotation, divergence and dispersion continue. Of course, nobody cares about that; instead what people do care about is that the high beta momentum index, which we warned at the start of the month would have a terrible July...High Beta Momentum is disintegrating in July. Every July https://t.co/7jnnW8v7Yt pic.twitter.com/lc2IhHG7yQ