Investing.com - U.S. stock futures pointed to a higher open on Wednesday, as investors looked ahead to the Federal Reserve’s monetary policy statement due later in the session for fresh signals on the timing of a U.S. interest rate hike.
During early morning hours in New York, the blue-chip Dow futures rose 38 points, or 0.21%, the S&P 500 futures tacked on 4 points, or 0.21%, while the tech-heavy Nasdaq 100 futures advanced 11 points, or 0.24%.
All eyes on Wall Street will be on the Federal Reserve's policy statement today, due at 2:00PM ET. Fed officials are expected to provide further signals that the central bank could raise rates as soon as September if the economy continues to improve as expected.
Fed Chair Janet Yellen will not hold a press conference after the release and there will be no updated economic projections.
U.S. data will also be in focus. The U.S. will release data on pending home sales for June at 10:00AM. The data is expected to show a gain of 1.0%, following a 0.9% increase in May.
Elsewhere, the Shanghai Composite took investors on another roller coaster ride on Wednesday, rising more than 1% after the open, only to turn negative after the midday break, and then rise again to end up 3.5%.
Some analysts attribute the strong finish to a rush of buying by government-backed funds in the final hour of trade.
In earnings news, Twitter (NYSE:TWTR) plunged 10.8% after reporting late Tuesday that its monthly average users grew at the slowest pace since it went public in 2013.
Yelp (NYSE:YELP) plummeted 20% after the consumer review website reported a surprise second-quarter loss and forecast revenue for the current quarter that fell far below market expectations.
United States Steel Corporation (NYSE:X) dropped 4.1% after reporting weaker than expected quarterly results.
On the upside, Panera Bread (NASDAQ:PNRA) jumped 8%, while Buffalo Wild Wings (NASDAQ:BWLD) rallied 9.7% as investors cheered earnings from both companies.
Meanwhile, Gilead Sciences (NASDAQ:GILD) advanced 4.5% after the biotech firm late Tuesday posted quarterly profit and revenue that beat forecasts.
Altria Group (NYSE:MO), Humana (NYSE:HUM), Mastercard (NYSE:MA) and Wynn Resorts Limited (NASDAQ:WYNN) are due to report quarterly earnings ahead of Wednesday's opening bell, while Facebook (NASDAQ:FB) and Whole Foods (NASDAQ:WFM) are scheduled to report after Wednesday’s close of trading.
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