Investors braced for the Federal Reserve's next interest rate decision and earnings from tech giants Microsoft and Meta.

Investors focused on the Fed's decision to leave interest rates unchanged and Chair Jerome Powell's news conference on Wednesday. Earnings from Meta and Microsoft were due after the closing bell.

U.S. stock indexes are drifting on Wednesday as Wall Street waits to hear from the Federal Reservelater in the afternoon about what it will do with interest rates. NEW YORK (AP) — The S&P 500 was edging up by 0.

Microsoft stock surged on better-than-expected financial results for its latest quarter and strong guidance, putting the tech giant on track to hit a $4 trillion market cap. The beat was driven in part by double-digit revenue growth in the tech firm’s closely watched Azure cloud business.

Meta Platforms also reported earnings after Wednesday’s close. Coming into the earnings, the option market had priced the straddle at 42 points, or 6% of the stock price. That straddle price was cheaper than six of the past 10 post-earnings moves by Meta — meaning that the odds were theoretically slightly in favor of buying the straddle.