US stock futures rose on Wednesday as investors prepared for a major wave of Big Tech earnings and awaited the outcome of a closely watched Federal Reserve meeting that could be the final one led by Chair Jerome Powell, News.Az reports, citing foreign media.

S&P 500 futures (ES=F) edged up 0.2%, while Nasdaq 100 futures (NQ=F) gained 0.4%. Dow Jones Industrial Average futures (YM=F) also rose by about 0.2%, following a pullback on Wall Street on Tuesday after stocks had retreated from record highs.

Technology shares led Tuesday’s decline after a report from The Wall Street Journal said OpenAI had missed internal targets for revenue and user growth.

Shares in Oracle (ORCL), a partner of OpenAI, fell 4%, while chipmakers Broadcom (AVGO) dropped 4% and Nvidia (NVDA) slipped more than 1%.

Attention now turns to earnings reports from four members of the “Magnificent Seven” — Alphabet (GOOG), Amazon (AMZN), Meta (META), and Microsoft (MSFT) — all due after Wednesday’s market close. Investors are watching closely for signs that heavy investment in artificial intelligence is translating into stronger revenue growth.

Markets are also focused on the Federal Reserve’s April policy meeting. No change in interest rates is expected, but the meeting could be the final one chaired by Jerome Powell before his term ends in May.

News.Az 

By Nijat Babayev