The three major US averages were flat to lower on Wednesday as traders held back ahead of the FOMC’s policy decision. The Fed is expected to deliver a third consecutive 25 bps cut to the fed funds rate, but attention is centred on the updated projections. Policymakers remain split on the need for further easing, with some advocating additional cuts to cushion a weakening labour market, while others warn that more stimulus could reignite inflation. Tech stocks led the declines, while industrials outperformed. Among megacaps, Microsoft slid more than 2% after announcing a $17.5 billion investment in India over the next four years to expand its cloud and AI infrastructure. Nvidia dipped 0.4%, Meta dropped over 1%, Broadcom slipped 0.5%, and Oracle fell 0.7% ahead of its earnings release. In contrast, Amazon gained 1.4% after unveiling plans to invest $35 billion in India over the next five years. GE Vernova jumped more than 15% after publishing a bullish revenue outlook for 2026.