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Fed’s Beige Book, oil set to take center stage on Wall Street, earnings eyed

U.S. stock index futures pointed to a flat open on Wednesday, as investors gear up for another set of important economic releases and earnings, all the time keeping an eye on oil.

Andrew Burton | Getty Images News | Getty Images

Oil continues to keep investors on their toes in recent trading sessions, as investors debate whether leading oil producers will take significant action to curb the current supply glut seen in the oil market. Crude futures have risen in previous days following news that Saudi Arabia and Russia had agreed to cooperate on stabilizing the market.

Oil futures slipped on Wednesday, with U.S. crude trading lower, last standing around $44.75 per barrel. Brent was hovering around $47.20.

On the data front, mortgage applications rose 0.9 percent last week. Other data due Wednesday include the Job Openings and Labor Turnover Survey (JOLTS) at 10.00 a.m. ET. In addition, the U.S. Federal Reserve is expected to release its Beige Book on Wednesday, due out at 2.00 p.m. ET.

The Fed has been front and center as of late, with investors pondering over when the central bank will decide to raise interest rates. Recent data including ISM non-manufacturing and the nonfarm payroll data for August have come in below market expectations, suggesting that the Fed is less likely to raise rates this month.

When it comes to earnings, Hewlett Packard Enterprise, Francesca's, ABM Industries and Verint Systems are set to report on Wednesday. DAVIDsTEA is also expected to release its latest earnings. HD Supply Holdings and Malibu Boats posted results before the bell.

European stocks were mixed, while Asia-Pacific indexes finished mostly mixed overnight.

On Tuesday, U.S. stocks closed higher, despite the weak ISM non-manufacturing data.

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