Investors focus on the Fed's policy decision and Chair Jerome Powell's news conference. Earnings from Meta and Microsoft are due after the closing bell.

NEW YORK (AP) — U.S. stock indexes are drifting on Wednesday after the Federal Reserve decided to keep interest rates where they are, a move that could upset President Donald Trump but was one that Wall Street was widely expecting.

The S&P 500 closed lower Wednesday as the Federal Reserve left interest rates unchanged, even as two policymakers dissented—the first double dissent since 1993—highlighting growing divisions over the future of monetary policy.