Traders work on the floor of the New York Stock Exchange (NYSE) on September 01, 2022 in New York City.
Spencer Platt | Getty Images
U.S. stock futures rose Wednesday as investors looked ahead to the Federal Reserve's latest policy decision.
Dow Jones Industrial Average futures climbed by 30 points, or 0.1%. S&P 500 and Nasdaq-100 futures rose 0.2% and 0.25%, respectively.
Ford Motor beat analysts' expectations on the top and bottom lines in its latest quarter, as did coffee chain Starbucks. However, both stocks declined in the premarket.
The Fed is scheduled to release its latest policy announcement at 2 p.m. ET. Chair Jerome Powell is also set to hold a news conference at 2:30 p.m. ET.
Data from the CME Group's FedWatch tool shows traders are pricing in an 86% chance the Fed raises rates by 25 basis points. Wall Street will also look for clues on whether the central bank will continue its rate hiking campaign, or if it will pause increases.
The announcement will come after a rough session for the market. The Dow, S&P 500 and Nasdaq all fell more than 1% on Tuesday. Ongoing concerns of contagion in the regional banking sector weighed on markets following the First Republic Bank's collapse and subsequent takeover by JPMorgan.
"There's still pain throughout the sector," iCapital's Anastasia Amoroso said Tuesday on CNBC's "Closing Bell: Overtime." "And the reason why I think the bank action should really matter to the Fed is because, remember, in the last FOMC meeting, Fed Chair Powell really gave us new metrics to watch in terms of whether they're going to be raising rates or not. And that is the extent of the credit tightening that's happening in the economy."
Corporate earnings season continues with CVS Health, Yum Brands and Spirit AeroSystems reporting results Wednesday before the open.
On the economic front, traders are anticipating the latest ADP jobs data for April. Economists polled by Dow Jones expect a rise of 133,000 jobs last month.
The S&P Global U.S. Services PMI data for April is also due. It's expected to show a reading at 53.7 last month, which is in line with the prior month. April's ISM non-manufacturing PMI data is forecasted to show 51.8, according to Dow Jones consensus estimates. That's higher than the 51.2 reading from the previous month.
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