Stock futures are mixed as traders await Fed decision, Big Tech earnings: Live updates

U.S. equity futures were mixed early Wednesday as traders positioned for two major catalysts: a Federal Reserve rate policy decision due Wednesday and earnings from mega-cap technology companies.

The indecision follows a broadly higher Tuesday session, when stocks climbed on gains among semiconductor companies. That strength set a firm tone heading into the event-heavy day, but the mixed futures read suggests buyers are unwilling to extend risk before the Fed speaks and Big Tech reports.

Two scheduled events now converge on the same session. The Fed decision sets the rate backdrop for equity valuations, while the mega-cap tech earnings will test whether the semiconductor-led rally has fundamental support. Interpretation: because the S&P 500 has leaned on tech leadership, results and guidance from those names could carry outsized weight for index direction, and a rate surprise would layer additional volatility on top.

Flat-to-mixed futures ahead of binary catalysts typically reflect hedging and reduced conviction rather than a directional call. Traders should expect the real price discovery to come after the Fed announcement and again once the tech earnings hit.