Dow, S&P 500, Nasdaq futures trade flat as Wall Street awaits Fed decision, Big Tech results

US stock futures traded flat as investors braced for the Federal Reserve's next interest rate decision and earnings from tech giants Microsoft (MSFT) and Meta (META).

Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) held steady. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) ticked up 0.1%.

Read more: The latest on Trump's tariffs

Stocks fell on Tuesday, leading the S&P 500 to snap its six-day record streak. US-China trade talks wrapped up without an extension of the tariff pause currently in place between the two countries, but Treasury Secretary Scott Bessent said President Trump would make a “final call” on the matter soon. Job openings, meanwhile, slid, raising the stakes for the July jobs report, which arrives Friday.

Starbucks stock popped in after-hours trading after the company's earnings showed US sales fell less than feared. During day trading, Boeing (BA), Spotify (SPOT), Merck (MRK), and UnitedHealth (UNH) also reported earnings, with only Boeing seeing a stock jump following its results.

The Fed kicked off its two-day policy meeting Tuesday and will report its decision on interest rates Wednesday at 2 p.m. ET. With the central bank is expected to hold rates steady, Wall Street will be closely watching the Fed's “dot plot” and remarks from Fed Chair Jerome Powell for signals on potential rate cuts later this year.

Also on Wednesday, after the bell, Big Tech stalwarts Microsoft and Meta are set to report earnings. Both companies are contending with growing scrutiny over whether their eye-popping AI investments are paying off.

Looking forward to Thursday, Apple (AAPL) and Amazon (AMZN) will report their results. Wall Street will also get another clue as to the possible direction of interest rates with the release of the Fed's preferred inflation gauge, the Personal Consumption Expenditures (PCE) index.

Finally, Trump's deadline for trade partners to strike deals with the US or else face blanket tariff rates looms over markets this week, with the cutoff set for Friday.