U.S. stock futures were mostly trading lower on Wednesday, with the Nasdaq on track to drop more than 1% after the tech giant's first-period results did little to satisfy investors. Wall Street also braced Wednesday for the Federal Reserve's first interest rate decision of the year.
The tech-heavy Nasdaq Composite Index (^IXIC) was expected to fall about 1.1% on Wednesday. The benchmark S&P 500 Index (^GSPC) traded about 0.5% lower after falling just below its all-time high on Tuesday. Meanwhile, the blue-chip Dow Jones Industrial Average (^DJI) was slightly above the flatline.
The “Magnificent Seven” companies Microsoft (MSFT), Alphabet (GOOGL, GOOG), and chipmaker AMD (AMD) were at the center of Tuesday's earnings report. All three stocks took a hit on Wednesday, with parent companies Google and AMD's more than 5% declines outweighing Microsoft's modest decline.
A weak start for tech megacaps, which are expected to do much of the heavy lifting for the S&P 500 this earnings season, will spook Wall Street, at least until Apple (AAPL), Amazon (AMZN) and Meta (META) come on. there is a possibility. ) Your turn will come on Thursday.
Or until Wednesday afternoon, when the Fed will be in the spotlight during a busy week. As Yahoo Finance's Jennifer Schoenberger reports, the Fed is widely expected to keep interest rates at multi-decade highs, but investors are wondering when and how much the central bank will cut rates. I'm paying attention to the signs.
Boeing (BA) was the highlight of Wednesday's earnings report amid a series of safety concerns related to the company's planes.
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