Stock index futures rose on Wednesday after the previous day's tumble as investors expect a statement from the Federal Reserve's rate-setting committee that it will keep interest rates exceptionally low for an extended period.
The Fed may also acknowledge a slight slowdown in the pace of the U.S. economic recovery, according to economists.
Investors are keen that the central bank not begin the tightening process too soon, lest it stifle the still-fragile recovery. The Fed is expected to release its statement about 2:15 p.m. EDT.
The U.S. Interior Secretary said late Tuesday he will order a new moratorium on deepwater drilling in the coming days after a U.S. judge overturned a six-month ban. The temporary ban is aimed at ensuring offshore safety after the explosion of BP Plc's rig in the Gulf of Mexico.
Shares of Transocean Ltd rose 2 percent to $53.53 in early market trade, while BP added 1.6 percent to $30.14.
S&P 500 futures rose 4.8 points and above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 47 points, and Nasdaq 100 futures added 9.75 points.
Stocks fell more than 1 percent in another late-day sell-off Tuesday after unexpectedly poor housing figures. The S&P 500 fell through its 200-day moving average, which had been a basis of support in the last few days.
On the data front, new home sales for May will be released at 10:00 a.m. Economists expect that sales fell to an annual rate of 410,000 units from 504,000 in April. See
Philip Morris International Inc , the maker of Marlboro cigarettes, cut its full-year earnings outlook as it was hurt by a weak euro.
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)