Today, all eyes are on the Federal Open Market Committee (FOMC) meeting, where no changes are expected to the current Fed funds rate of 3.50-3.75%. Fed Chair Jerome Powell will address recent criminal charges and potential rate cuts, with one Fed governor expected to push for a 50 bps cut.

In earnings news, Starbucks missed estimates but saw revenue beat expectations, AT&T surpassed earnings estimates, and V.F. Corp reported a significant earnings beat but saw a cautious outlook. Progressive and ADP also beat earnings estimates, with Progressive shares rising and ADP shares falling.

After the closing bell, Microsoft, Tesla, and IBM are set to report earnings. Microsoft is expected to show strong growth, Tesla is expected to decline, and IBM is anticipated to continue its streak of earnings beats. These reports will impact trading following the closing bell.

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