US stocks were mostly lower Wednesday ahead of the conclusion of the Federal Reserve latest policy meeting, with more important corporate earnings also on the slate.
At 09:35 ET (14:35 GMT), the Dow Jones Industrial Average gained 28 points, or 0.1%, while the S&P 500 index slipped 15 points, or 0.2%, and the NASDAQ Composite dropped 75 points, or 0.4%.
Fed ends policy meeting
Investors are intently focused on the Federal Reserve's two-day policy meeting, which concludes later Wednesday, with widespread expectations that the central bank will maintain current interest rates.
This meeting comes on the heels of President Donald Trump's virtual address to the World Economic Forum in Davos earlier his month where he advocated for immediate rate cuts.
The Fed's decision-making process is further complicated by potential inflationary pressures stemming from proposed tariffs and protectionist policies.
Despite the President's remarks, the Fed is expected to hold rates steady, with market participants set to closely monitor the Fed’s commentary on inflation and economic growth, especially in light of recent technological developments in AI and global trade dynamics concerns around US tariffs.
Big tech earnings in focus
Aside from the US central bank's decision, the focus Wednesday is likely to be on a raft of quarterly results from major tech industry players -- and recent stock market drivers -- this week.
Microsoft (NASDAQ:MSFT), Facebook-owner Meta Platforms (NASDAQ:META), and electric vehicle maker Tesla (NASDAQ:TSLA) are due to report after the closing bell on Wall Street on Wednesday, followed by iPhone-manufacturer Apple (NASDAQ:AAPL) on Thursday.
The four companies are all part of the so-called "Magnificent 7" collection of large tech firms which have underpinned strong gains in stock markets over much of the past two years.
AI will likely be a central topic for analysts as they pour through the numbers, especially after Monday's DeepSeek-inspired rout in equities. Silicon Valley executives have previously stated their intent to shell out billions of dollars on developing their AI infrastructure, all in a bid to eventually monetize the nascent technology.
Elsewhere, T-Mobile US (NASDAQ:TMUS) stock soared over 7% after the telecom giant forecast annual wireless subscriber growth above expectations, after holiday-quarter promotions and deals boosted demand for its affordable premium 5G plans with streaming bundles.
Starbucks (NASDAQ:SBUX) stock rose almost 5% after the world’s largest coffee chain reported better-than-expected sales in its fiscal first quarter as some of its turnaround efforts start to deliver results.
Trump Media & Technology Group (NASDAQ:DJT) stock rose 12% after the ruth Social parent company announced Wednesday that it is expanding into financial services, including investment products.
The company said its board of directors has approved the launch of a new financial services and FinTech brand, Truth.Fi.
Crude slips lower
Oil prices slipped Wednesday after an uptick in US crude stockpiles weighed on prices, adding to global growth concerns already exacerbated by the possible impact of President Trump's sweeping tariff plans.
By 09:35 ET, the US crude futures (WTI) gained 1% to $73.06 per barrel, while the Brent contract added 1% to $75.75 a barrel.
US crude oil inventories grew by 2.86 million barrels last week, according to data from the industry body American Petroleum Institute, after nine straight weeks of draws, as cold weather pushed up demand for heating and travel activity rose during the year-end holidays.
The Energy Information Administration, the statistical arm of the U.S. Department of Energy, is due to release its weekly report later in the session.
