Stocks are largely muted as investors wait for the U.S. Federal Reserve’s upcoming decision and for earnings from major technology companies. One factor weighing on sentiment is a cautious outlook for AI-related semiconductor firms, with concerns growing about intensified competition from China. Against this backdrop, market participants are also turning their attention to results and guidance from large tech companies, including Microsoft and Meta, which are expected to provide further signals on demand and performance in the technology sector. The overall tone across reports is that trading remains subdued rather than directionally strong, reflecting uncertainty around the Fed’s policy outlook. Investors appear focused on how interest-rate expectations could affect equity valuations, while earnings headlines could influence sector-by-sector sentiment, particularly for technology and AI-linked names. For now, the market largely reflects a wait-and-see stance as both monetary policy developments and corporate earnings are anticipated in the near term.