Wall Street Futures Mixed as Investors Weigh Fed Decision and Big Tech Earnings

Wall Street futures were mixed on Wednesday as investors weighed the impact of the Federal Reserve's decision and Big Tech earnings on confidence in the AI trade.

The S&P 500 futures rose 0.26%, while Nasdaq 100 futures gained 0.20%. In contrast, Dow futures plummeted 109 points.

Chip stocks were uneven following a brutal Asian sell-off, with Nvidia edging up 0.3% and Micron gaining 0.5%. However, Applied Materials fell 1.1%, while SK Hynix's US-listed shares slipped after its record quarter failed to meet elevated expectations.

Seagate offered some relief, rising about 6% after forecasting results above estimates, but the sector remains vulnerable to doubts over spending and Chinese competition.

The Federal Reserve's decision is a key focus, with investors awaiting its announcement at 2 pm ET, followed by Chair Kevin Warsh's press conference at 2:30 pm. Markets still favor no change, but LSEG pricing assigned a 35.1% chance to a quarter-point increase.