US futures are higher as traders await Federal Reserve meeting outcome

U.S. stock index futures were pointing to a higher open Wednesday morning, as market participants prepared for another day of corporate earnings and waited to hear from the Federal Reserve.

At around 6 a.m. ET, Dow futures indicated a positive open of more than 100 points. Futures on the S&P and Nasdaq both suggested a higher open as well.

Wall Street closed higher on Tuesday on the back of earnings, which is expected to remain a key focus for traders Wednesday. GlaxoSmithKline, CME Group, Qualcomm, CVS Health, Yum Brands, and Fitbit due to report.


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On the data front, there will be ADP payrolls at 8:15 a.m. ET; manufacturing PMI due at 9.45 a.m., and construction spending figures at 10 a.m. ET.

There remains a special focus on the Federal Reserve, however, with Chairman Jerome Powell due to address the press at 2 p.m. ET.

The central bank is widely expected to keep interest rates unchanged, but investors will be looking to see if the central bank changes its dovish tone. Ahead of the meeting, President Donald Trump called for a 1% rate cut and more quantitative easing.

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