The Stock Market's Most Important Day of the Quarter Has Arrived

Today is a key market-moving day as four AI hyperscalers — including Alphabet (GOOG.OQ) — report earnings after the close while the Federal Reserve announces its interest-rate decision and Chair Jerome Powell holds a press conference. Wall Street expects muted near-term profit growth as massive AI infrastructure spending lifts revenues but compresses margins; results could meaningfully move the S&P 500 (near record highs). Strong cloud/AI execution could lift stocks and the index, while disappointing guidance or hawkish Fed commentary could trigger a sharp selloff. Capital spending among the largest hyperscalers has surged, underscoring the stakes for future profitability and market positioning.