US stock futures turned mostly lower Wednesday, with the Nasdaq set to fall over 1% at the open after the first batch of results from tech giants largely failed to satisfy investors. Wall Street was also bracing Wednesday for the Federal Reserve’s first interest rate decision of the year.

The tech-heavy Nasdaq Composite (^IXIC) was set to sink around 1.1% Wednesday. The benchmark S&P 500 (^GSPC) traded about 0.5% lower after slumping slightly below its record high on Tuesday. The blue-chip Dow Jones Industrial Average (^DJI), meanwhile, ticked slightly above the flatline.

“Magnificent Seven” names Microsoft (MSFT) and Alphabet (GOOGL, GOOG), along with chipmaker AMD (AMD), took center stage on the earnings docket Tuesday. All three stocks were hit Wednesday, with over 5% drops from the Google parent and AMD outpacing Microsoft’s modest decline.

The poor start from the tech mega-caps, which are expected to do much of the heavy lifting for the S&P 500 this earnings season, could unnerve Wall Street — at least until Apple (AAPL), Amazon (AMZN), and Meta (META) get their turn on Thursday.

Or until Wednesday afternoon, when the Fed gets its turn in the spotlight in a busy week. The Fed is largely expected to hold interest rates steady at multi-decade highs, but investors are turning their attention to any signs of when — and how much — the central bank will turn to rate cuts, as Yahoo Finance’s Jennifer Schonberger reports.

Boeing (BA) is the highlight of the Wednesday earnings docket amid a string of safety concerns related to its planes.