Ahead of a busy day, U.S. stock futures were mostly up. Investors are eyeing the Federal Reserve's interest rate decision, with expectations for rates to remain steady. Simultaneously, a wave of corporate earnings reports will be released. The market is also reacting to China's approval of Nvidia's H200 chips, a key development amid global AI competition.

The market's focus is on the Fed's stance amid persistent inflation and a slowing labor market. The upcoming earnings season will be dominated by tech giants like Meta, Microsoft, and Tesla, offering insight into the AI boom. These earnings will influence market sentiment, especially considering the recent record highs in gold prices.

Gold prices hit a record high above $5,200 an ounce, driven by safe-haven demand and a weaker dollar. Meanwhile, China's approval of Nvidia's chips underscores the country's push for AI dominance. This move would allow Chinese tech titans like ByteDance and Tencent to purchase the cutting-edge chips.

Looking ahead, the market will digest the Fed's statement for clues on future rate moves. Earnings reports from key tech companies will be closely examined for their impact on stock valuations and the broader economic outlook. Investors are keenly watching these developments for indications of future market trends.