Futures Fall with Earnings Underway, Eyes on Fed

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Jan 27 Reuters U.S. stock index futures slipped on Wednesday as a busy week of earnings gained momentum, with upbeat results from Microsoft cushioning the fall in Nasdaq futures ahead of the Federal Reserves policy statement later in the day.

Microsoft Corp gained 2.3 premarket, as the software maker continues to benefit from remote working and learning trends globally.

Microsofts results set a positive precedent for other technologyrelated companies including Apple Inc, Tesla Inc and Facebook Inc, which are set to report quarterly numbers later in the day.

Tech companies have recently come back into favor after blowout results from streaming service provider Netflix Inc , and as investors dumped economylinked banks, energy and small cap stocks.

However, concerns about heightened stock market valuations, raging coronavirus cases and any potential disruption to vaccine rollouts have spooked investors about a pullback and increase in volatility in the nearterm.

The Fed is expected to keep monetary policy locked in crisisfighting mode at its meeting ending on Wednesday, with investors also looking forward to relief from ongoing vaccinations and new government spending plans.

There is a high risk of a resurgence in COVID19 infections derailing the world economy this year, according to a majority of economists in a Reuters poll, who forecast global GDP would reach prepandemic levels within two years.

At 712 a.m. ET, Dow eminis were down 241 points, or 0.78, SP 500…

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