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US Equity Futures Largely Flat Pre-Bell as Traders Await Tech Earnings, Fed Rate Decision

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-- US equity futures were largely flat pre-bell Wednesday as traders anticipated the financial results from four of the "Magnificent Seven" and the Federal Reserve's latest policy announcement.

Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were down 0.1% and Nasdaq futures were 0.2% higher.

Slated to report quarterly earnings after-market today are Alphabet (GOOG, GOOGL), Microsoft (MSFT), Amazon (AMZN), and Meta Platforms (META), among others.

The Federal Open Market Committee is widely expected to maintain the target range for its federal funds rate at 3.50% to 3.75% at its meeting today. Federal Reserve Chairman Jerome Powell is due to leave his post before the next committee meeting in June but has said he will remain until his named replacement, Kevin Warsh, is confirmed.

The committee's statement following the meeting is due for release at 2 pm ET, with Fed Chair Powell's press conference scheduled to begin at 2:30 pm ET.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.8% at $108.34 per barrel and US West Texas Intermediate crude 4% higher at $103.93 per barrel.

Durable goods new orders rose 0.8% in March after a 1.2% decrease in the prior month, compared with expectations for a 0.5% gain in a survey of analysts compiled by Bloomberg.

Housing starts rose to an annual rate of 1.502 million in March, exceeding expectations for 1.38 million and above the 1.356 million pace in the prior month.

The US advance international trade in goods deficit widened to $87.87 billion in March from $83.49 billion in the previous month, compared with expectations for $88 billion.

In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.7% higher, and China's Shanghai Composite finished 0.7% higher. Meanwhile, the UK's FTSE 100 was down 1%, and Germany's DAX index was flat in Europe's early afternoon session.

In equities, Seagate Technology (STX) shares were up 16% after the company posted fiscal Q3 non-GAAP earnings and revenue that beat analysts' estimates, in addition to issuing a better-than-expected fiscal Q4 outlook. NXP Semiconductors (NXPI) stock was up 21% after the company reported fiscal Q1 non-GAAP earnings and revenue that surpassed analysts' consensus and also setting higher-than-expected fiscal Q2 guidance. Visa (V) shares were up 5.7% after the company posted a fiscal Q2 adjusted earnings and revenue beat.

On the losing side, Robinhood Markets (HOOD) shares dropped 12% after the company reported Q1 earnings and revenue that fell short of analysts' consensus. Booking (BKNG) and Deutsche Bank (DB) saw their stock decline 4.8% and 3.1%, respectively, despite posting higher Q1 adjusted earnings and revenue.

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