US stock futures were mixed on Wednesday as investors parsed big tech earnings and prepared for the latest Federal Reserve monetary policy decision. Dow futures fell 0.4%, while S&P 500 and Nasdaq 100 futures rose 0.2% and 0.7%, respectively.

In extended trading, Microsoft tumbled 2.7% as disappointing cloud results overshadowed better-than-expected earnings and revenue. Meanwhile, AMD jumped 7.6% on strong quarterly results, dragging artificial intelligence darling Nvidia 5% higher. These moves highlight the mixed reactions in the tech sector, with some companies facing challenges while others benefit from robust performance.

In regular trading on Tuesday, the Dow gained 0.5%, while the S&P 500 and Nasdaq Composite dropped 0.5% and 1.28%, respectively. Those moves came as investors continued to rotate out of megacap tech names amid doubts over the sustainability of the AI rally, shifting their focus to more traditional sectors of the US economy. This trend reflects a growing skepticism about the long-term potential of the AI-driven surge and a renewed interest in more stable, traditional investments.

Investors are now looking ahead to more earnings reports and economic data on Wednesday, as well as the Fed’s policy announcement. The Federal Reserve's decision is expected to provide further insight into the direction of monetary policy, especially in the context of recent economic indicators and market performance.

The mixed trends in US stock futures underscore the uncertainty and cautious optimism among investors. While some tech giants face challenges, others continue to thrive, reflecting the diverse landscape of the tech industry. Additionally, the anticipation of the Federal Reserve's policy announcement adds another layer of complexity to the market's outlook.

In conclusion, US stock futures are mixed as investors analyze big tech earnings and anticipate the Federal Reserve's monetary policy decision. The varying performances of companies like Microsoft, AMD, and Nvidia highlight the complexities and nuances of the current market environment. As investors await further earnings reports and economic data, the Federal Reserve's upcoming announcement will be crucial in shaping the market's trajectory in the coming weeks.

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