It's not just the Fed investors need to watch Wednesday afternoon. Kevin Hincks points to Mag 7 earnings from Microsoft (MSFT), Meta Platforms (META), and Tesla (TSLA) as key indicators for the direction of the AI trade.

Stock futures are higher Wednesday morning as investors await the latest decision from the Federal Reserve on interest rates and earnings reports from several tech giants; the Fed is widely expected to hold rates steady, but investors will be keeping close tabs on Fed Chair Jerome Powell's comments at a press conference this afternoon; Tech heavyweights Meta Platforms, Tesla and Microsoft are each set to report quarterly results after the closing bell, headlining a busy day of earnings; Chinese authorities have reportedly given the green light to a number of companies to order Nvidia's H200 chips; and Amazon is undergoing another round of job cuts with about 16,000 employees expected to be affected by layoffs. Here's what you need to know today.

Amazon said today that it is cutting 16,000 jobs across the company. This reduction comes after the e-commerce company laid off 14,000 people in October.

Amazon.com Inc (NASDAQ: AMZN) is shutting down the lab and funding the battlefield. After years of experimenting with Amazon Fresh and Amazon Go, CEO Andy Jassy is pulling the plug on the underperformers and redirecting capital toward a 100-store Whole Foods expansion and a new physical "retail supercenter" concept.

Amazon (NASDAQ:AMZN) stock moved in pre-market trading Wednesday morning after the company announced it will cut 16,000 jobs globally.

Amazon will double down on the Whole Foods brand, killing two of its own physical retail experiments in the process.

Here are five key things investors need to know to start the trading day.

It's been a brutal week when it comes to layoffs.

US stocks are set for an uneven start on Wednesday, ahead of the Federal Reserve decision due after lunchtime and the earnings this evening from big tech trio Microsoft, Meta Platforms and Tesla.  Ahead of the opening bell, Dow Jones futures were flat, while Nasdaq futures were up 0.85%.

Shares of Amazon.com Inc. (NASDAQ: AMZN) gained 5.83% over the past five trading sessions after losing 6.38% the five prior.