U.S. stock index futures barely moved on Wednesday as investors await a policy decision by the Federal Reserve.
At 7 a.m. ET, Dow Jones Industrial Average futures pointed to a drop of 24 points at the open. Futures in S&P 500 and Nasdaq 100 were also little changed.
The U.S. central bank is widely expected to keep rates steady later in the session, with investors monitoring a decision on the Fed's rate projections for the next few years.
"The single most prominent bullish influence on stocks right now is the dovish Fed, and the run to fresh five-month highs in the S&P underscored its ability to single-handedly move the market," Tom Essaye, founder of The Sevens Report, said in a note. "The new highs presented an opportunity to revisit the idea that while the Fed has the ability to drive stock prices higher like they currently are, they are also almost always the reason bull markets come to an end."
Wednesday's policy decision comes amid renewed concerns over global growth and U.S.-China trade talks.
FedEx CFO Alan Graf warned in the company's quarterly report that "slowing international macroeconomic conditions and weaker global trade growth trends continue, as seen in the year-over-year decline in our FedEx Express international revenue."
On the trade front, Bloomberg News reported some U.S. officials are worried China could walk back on some concessions. However, The Wall Street Journal said U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin both plan to travel to Beijing next week for another round of negotiations with Chinese Vice Premier Liu He. These reports buffeted stocks on Tuesday.
