S&P 500 futures rose early Wednesday as traders awaited quarterly earnings from four of the “Magnificent Seven” stocks and Jerome Powell’s possible final Federal Reserve policy meeting. S&P 500 and Dow Jones Industrial Average futures were steady, while Nasdaq 100 futures increased 0.26%. Starbucks, the biggest after-hours mover, rose 5% after upping its full-year projection. Robinhood shares slumped 9% due to disappointing first-quarter earnings. Both Seagate Technology and NXP Semiconductors gained 16% after reporting positive profits and revenue outlook.

US analog chipmakers Texas Instruments and Analog Devices rose 0.5% and 1.8% in premarket after NXP’s findings. Tuesday’s regular session saw the S&P 500 and Nasdaq Composite drop from their records. The tech-heavy Nasdaq fell 0.9% while the broad market index fell 0.49%. The blue-chip Dow fell 25.86 points, or 0.05%. Technology stocks fell after it has reported that OpenAI missed revenue and user growth projections. Oracle, which has a $300 billion collaboration with OpenAI, declined 4%, while Broadcom and Nvidia fell 4% and over 1%, respectively.

Four of the “Magnificent Seven” IT giants will report earnings after Wednesday’s close: Alphabet, Amazon, Investors want Meta Platforms and Microsoft to demonstrate income to support their AI investments. “These four companies increased full-year capex by $94 billion last time they reported. “Let’s see what they say tomorrow,” said Steven Wieting on Tuesday afternoon.

Wednesday will mark the completion of the April Fed policy meeting, which may be Powell’s final before his term ends in May. Kevin Warsh, Powell’s replacement, is expected to lead the central bank. The market does not expect the Fed to change the federal funds rate.