Nasdaq-100 futures fell 1.2% late Wednesday, while S&P 500 futures declined 0.5%, as investors digested the latest hyperscaler earnings. Microsoft rose 3% after hours on Azure growth, while Alphabet slumped 9% after adjusted earnings per share and revenue missed expectations. Alphabet also reported negative free cash flow of $9.07 billion but maintained its full-year capital expenditure forecast at $195 billion to $205 billion. The Federal Reserve kept its benchmark interest rate unchanged in a range of 3.75% to 4%, saying inflation remained elevated and that it needed more information before taking further action. Investors are awaiting the September Personal Consumption Expenditures price index, the first estimate of third-quarter GDP, weekly jobless claims and earnings from Caterpillar, Eli Lilly, Amazon and Intel.
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