U.S. stock index futures were mostly unchanged Tuesday night as investors remained cautious ahead of a highly anticipated Federal Reserve interest rate decision and a wave of earnings reports from major technology companies. Market participants are closely watching macroeconomic signals and corporate results that could set the tone for Wall Street in the near term.
S&P 500 futures edged up 0.1% to 7,017.50 points, while Nasdaq 100 futures gained 0.3% to 26,155.75 points. Dow Jones futures were largely flat at around 49,154 points. The muted movement reflects investor restraint as markets digest recent gains and prepare for key catalysts.
During Tuesday’s regular trading session, the S&P 500 climbed 0.4% to close at a record high, extending its rally as investors rotated back into growth stocks. Strong performance from technology shares played a major role, helping push the benchmark index to its highest-ever close. The Nasdaq Composite rose 0.9%, supported by gains in megacap tech stocks that continue to benefit from optimism around artificial intelligence and cloud computing.
In contrast, the Dow Jones Industrial Average fell 0.8%, pressured by sharp declines in healthcare and insurance stocks. Major health insurers slid after the U.S. government released details of a Medicare Advantage payment plan that investors viewed as less favorable than expected, weighing heavily on the price-weighted index.
Attention is now firmly on the Federal Reserve, which began its two-day policy meeting on Tuesday. The central bank is widely expected to keep interest rates unchanged when it announces its decision on Wednesday. Investors will closely analyze Fed Chair Jerome Powell’s comments for guidance on how long rates may remain elevated and when potential rate cuts could begin. Markets are also mindful of broader political factors, including speculation around future leadership at the Fed.
Earnings season is another major focus, with several members of the “Magnificent Seven” set to report results. Tesla, Meta Platforms, and Microsoft are scheduled to release earnings on Wednesday, followed by Apple on Thursday. Given their heavy weighting in major stock indexes, these reports and their outlooks on AI investment, cloud demand, and consumer spending could significantly influence market sentiment in the days ahead.


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