Big Tech results and a Fed decision put Wall Street to the test
Alphabet, Microsoft and Amazon report this week as investors question whether huge AI spending will pay off, while the Fed meets a week before the US midterms.
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Alphabet and Microsoft report results on Wednesday and Amazon on Thursday, with about a third of S&P 500 companies also reporting this week.
The Federal Reserve announces its rate decision on Wednesday; futures show less than a 10% chance of a hike in October but about 80% for December.
The Nasdaq had its steepest one-day fall since June last week after disappointing results from Meta and Lam Research.