The seal of the Board of Governors of the Federal Reserve System on a podium ahead of a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, July 29, 2026.

South Korean tech giant Samsung posted a third-quarter preliminary operating profit that exceeded 100 trillion won for the first time in its history, while Lululemon poached Athleta CEO Maggie Gauger.

The U.S. Treasury selling $39 billion of 10-year notes in an auction knocked yields off their highs, while the S&P also pulled back from its record high on Wednesday.

Meeting minutes released Wednesday showed that U.S. Fed officials expect interest rates to increase before year-end, but the meeting summary provided no indication of when specifically it would happen.

Hello, this is Justina Lee writing to you from Singapore. Welcome to another edition of CNBC's Daily Open.

Traders are bracing themselves for another hike from the U.S. Federal Reserve this year, after meeting minutes released Wednesday showed that Fed officials expect to increase interest rates before the end of the year in order to fend off inflation that has run above target for more than five years.

However, the meeting summary did not show when the hike would occur – only that a stable labor market and persistently higher prices would likely lead to a second hike this year. Rates will be decided by the Fed on Oct. 28 and then again on Dec. 9.

Meanwhile, U.S. Treasury yields backed off their highs after the Treasury sold $39 billion of 10-year notes in an auction. According to BMO, the sale was "strong," with higher than average bidding from non-dealers.

The benchmark 10-year Treasury note yield reached its highest level since April 2002 at 5.365% on Wednesday. The 30-year bond yield also hit its highest level since May 2002 at 5.732%.

Meanwhile, the S&P also pulled back from its record high on Wednesday. The Dow Jones Industrial Average fell 0.66%, while the S&P 500 slipped 0.22%. The Nasdaq Composite was 0.22% lower.

In Asia, Japan's Nikkei 225 closed 0.92% lower. South Korea's Kospi declined nearly 2% and Australia's benchmark S&P/ASX 200 ended flat. Mainland China market remained closed for the Golden Week holiday on Wednesday.

Meanwhile, the spotlight is back on South Korea's tech sector, after Samsung Electronics posted a third-quarter preliminary operating profit of 107.40 trillion won ($80.2 billion). This is the first time in its history that the company has exceeded 100 trillion won, propelled by booming AI demand. Samsung is expected to release its full third-quarter earnings, including a breakdown by business division, later this month.

In the consumer sector, Lululemon said Wednesday that Athleta CEO Maggie Gauger is joining the company as president and chief product officer, with effect from later this month. The news comes as the athleisure space becomes increasingly competitive.

Over in the oil markets, concerns over supply disruptions slightly eased, after member states of the International Energy Agency agreed to help address rising fuel prices by prioritizing the release of diesel stocks.

—Justina Lee