Futures split ahead of the Fed decision and Big Tech earnings
Nasdaq futures were higher while Dow contracts slipped; Microsoft and Alphabet report after the close.
U.S. stock-index futures were mixed early Wednesday, with Nasdaq-100 contracts higher, Dow futures lower and S&P 500 futures near the flatline. Investors were waiting for the Federal Reserve's policy decision and earnings from Microsoft and Alphabet.
The Fed decision is scheduled for 2 PM ET, followed by the chair's press conference at 2:30 PM. Markets widely expect rates to remain unchanged, but that is an expectation, not an announced decision. The guidance about future policy could matter as much as the immediate outcome.
Microsoft and Alphabet are due to report after the market closes. Their updates on AI demand and capital spending will give investors another way to judge the economics of the AI buildout. The overnight chip rally has improved the tone, but it does not answer how quickly spending will turn into lasting revenue growth.
European shares were mixed to slightly lower in early trading, while oil prices rose. The combination leaves the opening setup less uniform than the rally in Asian chip shares: technology strength, energy costs and the coming policy decision are all in view.
