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Stock market live Wednesday: S&P 500 and Nasdaq fall by more than 2.5%, volatility ticks upward, AMC rises 300%

This is a markets live blog for CNBC PRO subscribers that will be updated throughout the day.

U.S. stock futures slumped Wednesday morning but were off their worst levels ahead of the latest policy statement from the Federal Reserve and earnings from major tech companies, including Apple and Tesla. Shares of Microsoft were moving higher after the company beat estimates on the top and bottom lines for its fiscal second quarter, but futures for the Nasdaq 100 were still under pressure. For more real time news and analysis read below.