Stock futures mixed as traders await Fed decision, Alphabet and Microsoft earnings

Stock index futures traded mixed ahead of the Federal Reserve's policy decision and quarterly earnings reports from Alphabet and Microsoft. The Fed announcement matters for equities through the discount rate channel, since any signal on the path of policy rates shifts the present value of long-duration cash flows that dominate mega-cap tech valuations. Alphabet and Microsoft are most directly exposed, as their share prices are sensitive both to rate expectations and to company-specific guidance on cloud revenue, advertising demand, and AI-related capital spending. The U.S. dollar is also exposed, because a more hawkish Fed tone would widen rate differentials and typically support the currency, while a dovish outcome would weigh on it. Traders will watch the Fed's post-meeting statement and press conference for forward guidance on inflation and the pace of rate cuts, alongside Microsoft's Azure growth figures for read-through on enterprise technology spending.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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