U.S. stock futures advanced on Wednesday, with technology shares leading the way, as investors positioned for a pivotal Federal Reserve policy announcement and a deluge of earnings from megacap tech giants.

Nasdaq 100 futures surged approximately 1%, significantly outpacing the modest gains in S&P 500 and Dow Jones Industrial Average futures. The moves put the S&P 500 on track to challenge another record high following Tuesday's all-time closing peak.

All attention is centered on the Federal Reserve's first policy decision of the year, due later today. The central bank is universally expected to hold its benchmark interest rate steady within the current range of 3.5% to 3.75%. Market participants will scrutinize Chair Jerome Powell's post-meeting commentary for any shift in tone regarding the timeline for future rate cuts. Current pricing, according to the CME FedWatch Tool, reflects expectations for two quarter-point reductions by the end of 2026.

The Fed's announcement comes amid heightened political scrutiny, with the Trump administration having recently opened a criminal investigation into Powell related to congressional testimony about renovations at the central bank's headquarters. Markets are also awaiting President Trump's imminent announcement of his nominee to succeed Powell.

Beyond the Fed, earnings season accelerates into high gear with major tech reports after the closing bell. Microsoft, Meta Platforms, and Tesla are scheduled to release their quarterly results Wednesday, followed by Apple on Thursday. Their performance and guidance are poised to set the tone for the broader market.

In after-hours action, Texas Instruments saw its stock jump over 8% following a stronger-than-expected first-quarter revenue forecast, signaling a potential recovery in demand for analog chips used in industrial and automotive sectors.