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Stocks traded lower Wednesday in the countdown to the Federal Reserve’s interest rate decision as investors weighed earnings reports from Microsoft (MSFT) and Alphabet (GOOGL).
The tech-heavy Nasdaq Composite (^IXIC) was down about 0.5%, while the Dow Jones Industrial Average (^DJI) was flat. The S&P 500 (^GSPC) fell around 0.3% as more second quarter earnings reports rolled in.
The Fed is overwhelmingly expected to hike interest rates in its statement Wednesday, but Chair Jay Powell’s comments will still be closely watched for any hints of what lies ahead for policy.
Next up on the Big Tech earnings docket is Meta (META), expected to report after trading ends. In focus is what the Facebook parent will say about its artificial intelligence efforts, given that hopes for the tech helped drive a rally in stocks.
Microsoft’s and Alphabet’s AI updates came under close scrutiny, and both topped estimates in their after-hours reports. But the stocks are headed in opposite directions early Wednesday, with the Google owner on the rise.
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