Investing.com– U.S. stock index futures moved little on Tuesday evening as investors hunkered down before the conclusion of a Federal Reserve meeting and several megacap technology earnings due later in the day.
Nasdaq futures advanced slightly after memory chip giant SK Hynix (NASDAQ:SKHY) posted bumper third-quarter earnings, with tech remaining upbeat after Anthropic’s filing for an initial public offering helped restore confidence in the artificial intelligence trade.
Nasdaq 100 Futures rose 0.1% to 29,839.75 points by 20:00 ET (00:00 GMT). S&P 500 Futures were flat at 7,759.25 points, while Dow Jones Futures steadied at 52,586.0 points.
Futures steadied after gains in tech spurred a strong Tuesday session on Wall Street.
Fed set to keep rates steady; hawkish outlook in focus
The Fed is widely expected to leave interest rates unchanged at 4.0% at the conclusion of a two-day meeting on Wednesday. The central bank had hiked rates by 25 basis points in September.
But despite bets on a hold, markets remained cautious over the Fed’s outlook on rates, especially in the face of increasingly sticky inflation.
Fed Chair Kevin Warsh had largely reiterated the bank’s commitment to reaching its 2% annual inflation target, likely entailing more monetary tightening if price pressures remain high.
Warsh’s address after the Fed decision will be closely watched for more commentary.
Beyond the Fed meeting, third-quarter gross domestic product data and September PCE price index data are due on Thursday, and are also expected to factor into expectations for interest rates.
The PCE data is the Fed’s preferred inflation gauge, with core PCE seen remaining well above the central bank’s 2% target.
Megacap tech earnings on tap; SK Hynix firms on blowout Q3
Focus on Wednesday will be squarely on September quarter prints from Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc (NASDAQ:GOOGL), which are expected to offer more insights on AI-related spending in the coming months.
The two are among the biggest spenders on AI in Wall Street, but have faced mounting shareholder scrutiny over whether their investments in the technology are yielding adequate returns.
Amazon.com Inc (NASDAQ:AMZN)– another major AI spender– is also set to report earnings on Thursday.
Read More: U.S. stock futures flat with Fed rate decision, megacap tech earnings on
