U.S. stock index futures barely moved on Wednesday as shares of FedEx fell while investors awaited a policy decision by the Federal Reserve.
At 7:55 a.m. ET, Dow Jones Industrial Average futures pointed to a drop of just 5 points at the open. S&P 500 and Nasdaq 100 futures were also little changed.
FedEx shares fell more than 6.5 percent after 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."
That warning was followed by UBS CEO Sergio Ermotti saying this is one of the worst first-quarter environments ever as investment banking revenue falls about a third from the year-earlier period. Meanwhile, German auto maker BMW said its earnings could fall significantly in 2019 and added it will cut $13.6 billion in costs.
These negative comments come as 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."
Concerns over global growth and U.S.-China trade talks were also renewed to keep stock gains subdued.
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.
The world's two largest economies have imposed tariffs on billions of dollars' worth of one another's goods over the past year, battering financial markets and souring business and consumer sentiment.
In Asia, MSCI's broadest index of Asia-Pacific shares, excluding Japan, dipped 0.4 percent.
No economic data are expected on Wednesday, however, on the earnings front, General Mills is set to report its results before the bell and Williams-Sonoma will report after the bell.
—CNBC's Sam Meredith contributed to this report.