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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