Stock market today: S&P 500 futures slide with Fed's Powell in the spotlight

US stocks were mired in the red on Wednesday as disappointing earnings dented AI hopes, while investors waited for the Federal Reserve's policy decision and clues to chances for rate cuts. S&P 500 futures fell 0.4%, while Dow Jones Industrial Average futures shed 0.2%. Contracts on the tech-heavy Nasdaq 100 led the way lower with a 0.6% drop.

At the same time, stocks are coming off a bruising session and their worst month this year, after a sharp rise in US labor costs cemented the idea that Fed policymakers will keep interest rates higher for longer. The Fed is widely expected to keep rates at a 23-year high later Wednesday, which means investors are focused on what clues Chair Jerome Powell has to offer to when and whether easing might begin.

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