Will the Fed meeting and earnings from Microsoft (MSFT) and Alphabet (GOOGL) be enough to pull the S&P 500 (SPX) out of consolidation? Nathan Peterson of Charles Schwab doesn't see a simple answer to that question, especially as crude oil and Treasury yields remain elevated. The PHLX Semiconductor Index (SOX) recently bouncing off its 200-day SMA, paired with earnings from SK Hynix (SKHY) and Seagate (STX), offer some reprieve in sentiment. Nathan still believes hyperscaler earnings will serve as the true bellwether.