US stock futures edged higher on Wednesday as investors shifted their attention to a new wave of major tech earnings and the upcoming Federal Reserve policy decision. Results due later in the day from Alphabet, Amazon, Meta Platforms, and Microsoft are expected to shed more light on the payoff from their substantial artificial intelligence investments.
In extended trading, shares of Starbucks, NXP Semiconductors, and Seagate Technology rose on the back of strong quarterly results, while Robinhood dropped more than 9% after posting weaker-than-expected first-quarter earnings.
During Tuesday’s regular session, the S&P 500 and Nasdaq Composite declined 0.49% and 0.9%, respectively, while the Dow slipped 0.05%. Technology stocks led the retreat following reports that OpenAI recently missed its own revenue and user growth targets.
Meanwhile, the Fed is widely expected to leave its policy rate unchanged at this meeting, which is likely to be Chair Jerome Powell’s last before his term ends in May.