Futures fall as chip stocks drag, Fed rate decision awaited

- U.S. stock index futures fell on Wednesday as downbeat results dragged chip stocks and markets exercised caution ahead of more economic data and the Federal Reserve's interest rate decision later in the day.

"FOMC meeting is likely to confirm that, from a global perspective, the script has flipped. Everyone thought the Fed would be the first or one of the first central banks to cut rates this cycle, now it looks like it will be one of the last," said Brendan Murphy, Head of Global Fixed Income, North America, at Insight Investment.

A sharp pullback in rate cut bets and tensions in the Middle East made April a rough month for U.S. equities, with all three stock indexes posting their first monthly loss in six.Their performance in May will be put to the test as the rest of the first-quarter earnings season continues and the interest rate outlook becomes clearer.

Among other movers, Starbucks dropped 12% premarket as the coffee giant cut its annual sales forecast after reporting a fall in same-store sales for the first time in nearly three years.

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