Stock Market Update

[BRIEFING.COM] The major averages remain mostly higher this afternoon, continuing to trade in relatively stable ranges ahead of the FOMC decision.

Microsoft (MSFT 526.56, -4.76, -0.90%) remains a notable mega-cap laggard ahead of its earnings report after the close, when investors will be looking for further evidence that the company's substantial AI infrastructure investments are translating into sustained cloud growth. Azure revenue growth and capital expenditures will be particular areas of focus following last quarter's encouraging results. Microsoft has guided for Azure growth of 44-45% in constant currency, while capital expenditures are expected to exceed $50 billion this quarter. With demand continuing to outstrip available cloud capacity, investors will be watching for signs that Microsoft can sustain its growth momentum while limiting additional pressure on profitability.