Stock market news live updates: Stock futures trade mixed, Microsoft shares drop after earnings

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Stock futures opened mixed Tuesday evening on the heels of a meandering day for the three major indexes, with investors digesting an onslaught of corporate earnings results and looking ahead to a monetary policy decision from the Federal Reserve.

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Contracts on the S&P 500 ticked higher, after the index ended just short of a record high during the regular trading day on Tuesday. Shares of Alphabet (GOOGL) gained in late trading after the company posted first-quarter sales and profit that easily exceeded estimates, fueled by a resurgence in marketing spending among customers. Shares of peer tech giant and Dow component Microsoft (MSFT), however, declined even after earnings topped expectations across virtually all major metrics.

A monetary policy decision from the Federal Open Market Committee on Wednesday will punctuate what has otherwise been a busy week full of corporate earnings results. Many pundits expect the April FOMC meeting will yield virtually no new developments, with policymakers waiting until more data emerges on the economic recovery to determine the timing for an adjustment to their ultra-accommodative policy.

"We expect no major developments for the Fed’s core policies at the April FOMC meeting. Fedspeak since the March meeting has been consistent in acknowledging improved activity amid accelerating vaccinations, re-opening and fiscal stimulus," Lewis Alexander, U.S. chief economist at Nomura, said in a note Tuesday.

"However, participants have also been clear that they are likely to remain patient in removing accommodation," he added. "As a result, we expect the post-meeting statement to acknowledge better economic activity but do not look for changes to the Fed’s key forward guidance for interest rates and asset purchases. We think April is likely too early for conversations around tapering to accelerate."