S&P 500 futures slipped Wednesday as investors looked ahead to the Federal Reserve’s rate policy decision. Futures linked to the broad market index slipped 0.2%, while Nasdaq 100 futures dropped 0.4%. Dow Jones Industrial Average futures were lower by 40 points, or 0.1%. Amazon advanced about 2% following better-than-expected earnings and revenue in the first quarter, while chipmaker Advanced Micro Devices tumbled 6% after issuing an in-line revenue forecast for the current quarter. Super Micro Computer slid 13% as revenue came in slightly below the Street’s consensus estimates. Elsewhere, Starbucks tumbled 13% after the coffee giant slashed its outlook following disappointing same-store sales, while CVS Health tanked 13% after posting disappointing earnings and cutting its profit guidance. During Tuesday’s main trading session, the Dow and S&P 500 both shed more than 1%. The tech-heavy Nasdaq Composite declined 2%. Bond yields jumped after the first quarter’s employment cost index came in higher than anticipated, reigniting worries that the Fed will keep interest rates high for even longer. The month ended on a sour note for all three major averages, with the S&P 500 and the Nasdaq posting losses of more than 4% in April. The Dow fell 5% for its worst monthly performance since September 2022. Traders are now looking toward the Fed’s interest rate decision Wednesday afternoon. The central bank is widely expected to hold interest rates steady, according to fed funds futures pricing data. Wall Street will be looking for clues from Fed Chair Jerome Powell on what needs to happen before rates can come down.  “We expect the FOMC’s statement at 2pm ET and Fed Chair Powell’s press conference tone to reflect the committee’s hawkish shift two weeks ago,” said Wolfe Research’s Chris Senyek. “That said, looking out over the intermediate-term, we believe that the growth & employment outlook is likely to have a bigger influence on FOMC’s decision making and overall equity market returns.” Elsewhere, ADP’s private employment data for April — essentially a precursor to Friday’s big nonfarm payrolls report — showed more workers added in April. Several notable earnings reports are also scheduled for release Wednesday, with Qualcomm and DoorDash on deck for the afternoon. U.S. Treasury yields fell slightly on Wednesday, as investors awaited economic data and the Federal Reserve’s latest interest rate decision and monetary policy guidance. The yield on the 10-year Treasury was a basis point lower at 4.67%. The 2-year Treasury yield was last at 5.019% after dipping by around 3 basis points, holding above the 5% mark it crossed Tuesday. Australian and Japanese markets fell Wednesday as investors brace for the U.S. Federal Reserve’s rate decision, due early Thursday in Asia. Investors will also keep an eye on the yen, which saw a volatile start to the week amid suspected intervention on Monday. The currency currently trades around the 157.7 level against the greenback. Most Asian markets are closed on Wednesday due to the Labor Day holiday. Japan’s Nikkei 225 inched down 0.34%, reversing earlier losses and closing at 38,274.05, while the broad based Topix was 0.5% lower to end at 2,729.4. The Australian S&P/ASX 200 lost 1.23%, finishing at 7,569.9. Oil prices fell for a third day on Wednesday on rising crude inventories and production in the U.S., the world’s biggest oil consumer, along with increasing hopes of a ceasefire agreement in the Middle East. Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel by 0005 GMT. U.S. West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel. Gold prices edged higher on Wednesday, climbing back from its four-week low ahead of a U.S. Federal Reserve policy decision that could shed more light on the central bank’s rate trajectory following hot U.S. economic data in the recent weeks. Spot gold was 0.3% higher at $2,294.10 per ounce, after hitting its lowest level since April 5 earlier in the session. Prices fell as much as 2% on Tuesday due to an uptick in the dollar and U.S. Treasury yields. Gold futures ticked up 0.1% to 2,305.3 per ounce. Bullion prices have fallen more than $140 after scaling a record high of $2,431.29 on April 12. U.S. gold futures were down 0.3% at $2,296.30 per ounce.