Global stock markets are struggling today as investors await the U.S. Federal Reserve's rate decision and earnings reports from tech giants Microsoft and Meta. Unease over AI valuations, particularly for chipmakers, has contributed to market jitters, with South Korea's KOSPI index falling significantly due to sentiment swings in AI-linked stocks. Traders largely expect the Fed to hold rates steady, but are pricing in at least one hike by year-end, while rising oil prices due to Middle East uncertainty are clouding the inflation outlook.