Finally, it's Federal Reserve rate-cut day, with investors eagerly on watch for the size of the U.S.'s first cut in four years; a top European Union (EU) court scrapped a $1.7 billion fine imposed on Alphabet's (GOOGL) Google; the United Auto Workers (UAW) union plans to hold a strike-authorizing vote against Chrysler and Jeep parent Stellantis (STLA); Microsoft (MSFT) is planning to launch a $30 billion artificial intelligence (AI) infrastructure fund to build data centers with BlackRock; and the U.S. Department of Transportation (DOT) has cleared Alaska Air Group's (ALK) $1.9 billion purchase of Hawaiian Airlines parent Hawaiian Holdings (HA)—with conditions. U.S. stock futures are edging higher ahead of the Fed decision after stocks closed mixed on Tuesday. Here's what investors need to know today.

1. Fed Set to Finally Cut Rates

The Federal Reserve concludes its two-day meeting today, with the central bank widely expected to cut interest rates for the first time in four years as inflation cools toward its 2% annual rate goal. Market participants remain divided on the size of the cut, with some expecting the traditional quarter-point easing and others a reduction of 50 basis points. Fed Chair Jerome Powell's press conference on the trajectory and rationale behind future cuts also will be closely monitored.

2. EU Court Overturns $1.7B Google Fine

Alphabet's (GOOGL) Google scored a legal victory after the EU's General Court overturned a fine of almost 1.5 billion euros ($1.7 billion) imposed in 2019 that alleged the search giant abused its dominant position and restricted rivals’ advertising. The ruling that that the European Commission had "committed errors in its assessment" around the duration of Google's advertising contracts with publishers comes days after the tech firm lost an appeal of a $2.7 billion antitrust fine for favoring its own shopping services. Alphabet shares are up nearly 1% in premarket trading.

3. UAW Plans Strike-Authorizing Vote at Stellantis

Chrysler and Jeep parent Stellantis (STLA) is facing fresh strikes after United Auto Workers (UAW) President Shawn Fain said the union plans to hold a vote authorizing a walkout after the automaker allegedly abandoned contract commitments it made during a labor deal struck last year. The Big Three automaker was hit by a wave of strikes last year before reaching deals with the UAW. Stellantis shares are up less than 1% in premarket trading.

4. Microsoft in Focus After Launching AI Infrastructure Fund With BlackRock

Microsoft (MSFT) shares are in focus after the tech giant and the world's largest asset manager, BlackRock, announced plans to launch a $30 billion artificial intelligence (AI) infrastructure fund to build data centers and energy projects. Microsoft stock closed higher for its seventh consecutive session on Tuesday, with the latest gains coming after the company hiked its quarterly dividend by 10% and approved a $60 billion stock buyback. Microsoft shares are edging higher in premarket trading.

5. DOT Clears Alaska Air-Hawaiian Holdings Merger With Conditions

The U.S. Department of Transportation (DOT) cleared Alaska Air Group's (ALK) $1.9 billion purchase of Hawaiian Airlines parent Hawaiian Holdings (HA), but with conditions attached aimed at protecting customers. Among those conditions: the two carriers have to maintain several key routes and keep the value of their rewards programs. Shares of both airlines are little changed in premarket trading.