In the lead-up to the conclusion of the Federal Reserve's two-day meeting, Dow Jones futures, S&P 500 futures, and Nasdaq futures remained relatively unchanged after hours. Market participants eagerly awaited the Fed's rate-cut outlook, which would be announced on Wednesday afternoon.

Tuesday's stock market rally witnessed modest gains, with the Nasdaq battling back from initial losses. Leading technology companies, including Nvidia, showed resilience despite initial retreats following the company's significant AI event. Many other artificial intelligence stocks also managed to pare losses or turn positive. However, Advanced Micro Devices (AMD) experienced a solid retreat, while Super Micro Computer (SMCI) tumbled due to its plans for a share offering.

On Wednesday, Broadcom (AVGO) held an AI investor meeting in conjunction with the ongoing Nvidia GTC conference. Micron Technology (MU) was set to release its fiscal Q2 results later that night, with potential implications for the AI sector. Additionally, Microsoft (MSFT) was scheduled to hold its own AI event on Thursday.

Investors were cautioned to exercise vigilance until after the conclusion of the Fed meeting and Fed Chief Jerome Powell's news conference. The market awaited the release of the Fed's latest "dot-plot" projections, which would reveal policymakers' rate projections. Speculation surrounded the possibility of a reduction from three to two rate cuts by policymakers in late 2023.

Dow Jones futures rose 0.1% compared to fair value, while S&P 500 futures and Nasdaq 100 futures remained relatively unchanged. The previous day's stock market rally exhibited resilience, with the Dow Jones Industrial Average rising 0.8%, the S&P 500 climbing 0.6%, and the Nasdaq composite gaining 0.4%. Market breadth was strong, and the Dow Jones and Nasdaq managed to hold key support levels.

Considering the impending Fed rate-hike outlook and Powell's commentary, the stock market and Treasury yields were expected to be significantly influenced. Experts predicted that the S&P 500 could experience swift fluctuations of up to 1% or 2% immediately following the Fed's decision. The 10-year Treasury yield fell 4 basis points to 4.3%, putting an end to a six-session winning streak but still near 2024 highs.

Meanwhile, certain sectors showed notable strength, particularly commodities and energy. Growth ETFs such as the iShares Expanded Tech-Software Sector ETF (IGV) and the VanEck Vectors Semiconductor ETF (SMH) experienced mixed movements, with Microsoft and CrowdStrike being significant holdings. The SPDR S&P Metals & Mining ETF (XME), the SPDR S&P Homebuilders ETF (XHB), the Energy Select SPDR ETF (XLE), the Health Care Select Sector SPDR Fund (XLV), and the Industrial Select Sector SPDR Fund (XLI) showcased positive gains.

As the market braced itself for potential turning points, investors were urged to stay engaged, remain flexible, and keep watchlists up to date. The outcome of the Federal Reserve meeting and the upcoming Microsoft AI event were anticipated to have a substantial impact on market direction and leading stocks and sectors.

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