Stock market today: Dow, S&P 500, Nasdaq futures rise as oil tops $104 again with Fed decision on deck

Market Overview - US stock futures are showing positive movement, with Dow Jones Industrial Average futures up 0.3%, S&P 500 futures also up 0.3%, and Nasdaq 100 futures gaining 0.4% as investors await the Federal Reserve's policy decision [1] - The market is cautiously adjusting to the Middle East conflict, focusing on the potential reopening of the Strait of Hormuz to alleviate oil price pressures, which is seen as unlikely without a ceasefire [2] Oil Market - Brent crude futures have risen to nearly $105 per barrel, while West Texas Intermediate crude futures are trading around $95, reflecting ongoing tensions in the region [3] Federal Reserve Insights - Wall Street is preparing for the Federal Reserve's policy decision, with expectations that rates will remain unchanged in the 3.5% to 3.75% range. Investors are particularly interested in comments from Chair Jerome Powell regarding the inflationary impact of high oil prices [4] Corporate Earnings - Micron Technology is set to report quarterly results, while General Mills and Macy's are also reporting on the same day [5] - Macy's reported better-than-expected fourth-quarter earnings with adjusted earnings per share at $1.84, surpassing the $1.54 estimate, and revenue at $7.6 billion, slightly above the $7.5 billion forecast [7][8] - Same-store sales for Macy's increased by 1.8%, compared to a forecasted decline of 0.12%, with luxury business Bloomingdale's seeing nearly 10% growth [9][10] - For the upcoming fiscal year, Macy's expects adjusted earnings between $1.90 to $2.10, below the $2.21 expected by analysts, but revenue projections are above expectations at $21.4 billion to $21.65 billion [11] Stock Movements - Lumentum and Coherent Corp stocks rose by 7% and 6% respectively, influenced by Nvidia's comments on optical networking [5] - Boston Beer’s stock fell by 2% after announcing a $25 million stock repurchase plan [6] - Micron's stock rose by 2% following its announcement of a new chip manufacturing facility in Taiwan [6] - New Fortress Energy shares jumped 10% after announcing a significant debt restructuring plan, reducing debt from $5.7 billion to $527.5 million [15]