Futures contracts tied to the major U.S. equity indexes fell early Wednesday as investors shrugged off solid earnings from Microsoft and other major companies.

Dow futures lost 243 points, or 1.0% and S&P 500 futures dropped 1.1%. The tech-heavy Nasdaq 100 futures dipped 0.5%.

The decline in futures came despite a stellar earnings report from Microsoft. The tech giant grew sales by 17% on a year-over-year basis in its fiscal second quarter. Its cloud business also accelerated. Microsoft shares rose 1.5% in premarket trading.

Starbucks topped earnings estimates for the last quarter, but its U.S. same-store sales fell 5% amid rising cases of Covid-19. Shares of the coffee chain fell more than 2% in premarket trading. AT&T also posted better-than-expected earnings and revenue.

Apple, Facebook and Tesla are due to report earnings after the closing bell. They represent three of the six largest companies in the U.S. by market cap, meaning fluctuations in their stock prices have an outsized impact on the performance of the broader S&P 500.

GameStop shares were on the move again up another 30% in the premarket, but off their highs of the day after CNBC learned Melvin Capital, the hedge fund targeted by the retail investing crowd on Reddit had sold out of its short position.

Investors will also keep a close eye on comments from Federal Reserve Chairman Jerome Powell, who is expected to speak with reporters during a press conference Wednesday afternoon following the Fed’s latest interest rate decision.

The central bank chief will likely explain how the Fed views the economic outlook and offer remarks about what, if any, monetary actions are needed to help further stabilize the U.S. economy.

Many investors hope Powell and his colleagues will steer clear of the word “tapering,” the process by which the central bank would curb its monthly bond purchases that have helped keep the financial system adrift with cash and encouraged investors to take on risk despite rich equity valuations.