Futures tracking US equity indices extended their diverging trend as chip producers halted their selloff ahead of major earnings reports and the Federal Reserve rate decision. Contracts for the S&P 500 and Nasdaq 100 inched higher, while those for the Dow dropped 100 points after its recent outperformance. Microsoft gained 1% and Meta was flat ahead of their earnings reports after the bell, the latest bellwether for AI infrastructure spending. Concerns that AI capital expenditure is being overdone recently pressured magnificent 7 stocks and triggered a selloff for chip producers that trimmed their surge late last quarter. Meanwhile, the Fed is expected to hold rates unchanged, although dissents for a hike could take place amid signs of a fractured FOMC. The Dow was pressured by a flareup in oil prices following fresh strikes between Iran and the US, adding to pro-inflationary risks. Visa traded 1% down despite posting growth in revenue last quarter.