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

Stock futures traded mixed as investors positioned ahead of an upcoming Federal Reserve policy decision and quarterly earnings reports from Alphabet and Microsoft. The Fed decision transmits primarily through the rate differential channel, where any shift in the policy path or forward guidance reprices Treasury yields and, by extension, the U.S. dollar against major peers. Nasdaq-100 futures carry the most direct exposure to this repricing given their long-duration equity profile, as higher discount rates compress the present value of distant cash flows that dominate large-cap technology valuations. Microsoft and Alphabet, as two of the index's heaviest weights, also serve as a sector-wide read on cloud spending and AI-related capital expenditure, so their results can move the index independently of rates. Traders will watch the Fed's post-meeting press conference for signals on the timing of future cuts, alongside each company's cloud revenue growth and capex guidance.

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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