Futures on major US stock indices point to higher opening on Wednesday ahead of the US Federal Reserve’s meeting and durable goods order data.
Futures on the S&P 500 are up 0.69 percent, futures on the Dow Jones Industrial Average are up 0.51 percent and Nasdaq100 futures are up 1.90 percent.
Investors are likely to stay glued to the FOMC meeting's outcome, which is due to be released at 2:15 pm EDT. The interest rate is expected to remain unchanged at 0.25 percent. The Federal Reserve kept interest rates at historic lows in the range between 0 percent and 0.25 percent in an attempt to increase consumption and business operations by making borrowing cheaper.
Analysts at Credit Agricole believe that April FOMC meeting will not result in any material changes to the monetary policy outlook. They say the Fed is expected to support the current exceptionally accommodative policy stance but that there is little sentiment for additional stimulus right now.
Meanwhile, durable goods orders are expected to decline 1.7 percent month-on-month in March due to a sharp drop in transportation sector orders. Orders jumped 2.4 percent in the month of February. Core durable goods orders, excluding transportation, are expected to increase 0.5 percent in March after gaining 1.8 percent in February.
On the corporate front, shares of Apple Inc. will be in focus after the company reported second quarter earnings above estimates. Its second quarter net income surged to $11.62 billion or $12.30 per share from $5.99 billion or $6.40 per share in the same period a year-ago, while analysts expected net profit of $10.06 per share.
On the earnings front, a string of companies including Caterpillar, Boeing Co, Eli Lilly & Co, Sprint Nextel, Motorola Solution, General Dynamics and Harley-Davidson, Inc. are expected to report their quarterly earnings before the opening bell.
European markets are currently trading higher with FTSE 100 up by 10.81 points, DAX30 up by 76.93 points and CAC 40 up by 54.35 points.