U.S. stocks are slipping Wednesday after the Federal Reserve opted not to cut interest rates for the first time since it began trying to help the economy through easier rates in September. The S&P 500 was down 0.

IBM projected constant currency revenue to grow 5% in the full year, above estimates for 4.81% growth. Meanwhile, the company forecasted free cash flow of $13.5 billion for the full year, above the $12.92 billion Wall Street had expected. IBM also said its generative AI book business now stands at more than $5 billion.

Asian stocks advanced Wednesday in thin Lunar New Year trading following a rebound on Wall Street driven by tech stocks as the panic over Chinese AI company DeepSeek faded. Investors were focusing on the Federal Reserve’s rate decision due later in the day.

U.S. stock indexes are drifting, ahead of the Federal Reserve’s upcoming decision on interest rates and after two days of disruption driven by doubts about the artificial-intelligence boom. The S&P