• The Federal Reserve will announce its latest rate decision Wednesday.
• Tech giants Microsoft and Alphabet reported earnings.
• UPS and the Teamsters reach a deal to avoid a strike.

Here are the most important news items that investors need to start their trading day:

1. It's Fed day

The Dow continued its improbable run Tuesday, squeaking out a win to record its twelfth-consecutive positive session. Whether it continues will depend a lot on what the Federal Reserve says Wednesday as policy makers unveil their latest rate decision. Another hike is all but assured. But investors will be paying close attention to what Chairman Jerome Powell and his colleagues say about their next steps, particularly whether they still see the fight against inflation as a long haul. Wednesday brings more earnings, too, including from Coca-Cola, Meta and Boeing. Follow live market updates.

2. Cloud biz lifts Alphabet

Google parent Alphabet posted stronger-than-expected quarterly results Tuesday afternoon, reflecting strength in its cloud business. The Google Cloud unit itself delivered a 28% jump in revenue year-over-year while turning an operating profit vs a loss a year earlier. Shares of the tech giant popped more than 6% in extended trading. Alphabet also said its chief financial officer, Ruth Porat, will eventually leave that role once the company finds a successor. Porat will now become president and chief investment officer.

3. UPS, Teamsters reach a deal

The odds of a crippling strike at delivery giant UPS fell dramatically Tuesday, when the Teamsters union and the company announced they had reached a deal on a new contract. The development came soon after the two sides returned to the bargaining table Tuesday morning. Now, union members need to ratify the deal. The Teamsters represent more than 300,000 workers at UPS. Their contract expires at the end of Monday, and they were prepared to strike next week if the sides couldn't reach a deal.

4. Microsoft outlook disappoints

Microsoft came through with stronger-than-expected profit and revenue for its fiscal fourth quarter. But shares of the tech giant sank in extended trading as its revenue projection for the current quarter came in lighter than Wall Street's consensus. The company also offered a forecast for its artificial intelligence services, saying it would enjoy a bigger impact on revenue in the second half of the fiscal year that just started.

5. Coke earnings beat

Coca-Cola topped Wall Street's expectations Wednesday morning as earnings and revenue were higher than projected. The company also raised its outlook. "The strength of our first half results and the resiliency of our business give us the confidence to raise our 2023 guidance," CEO James Quincey said in a release. Coke came into Wednesday morning's report benefiting from price hikes, as consumers have been willing to pay a little more for the company's beverages.

– CNBC's Alex Harring, Jennifer Elias, Leslie Josephs, Jordan Novet and Amelia Lucas contributed to this report.

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