Stock futures trade higher ahead of Fed decision

In addition to the Fed decision on interest rates, traders will be studying data on retail sales, import & export prices, manufacturing and homebuilding

U.S. equity futures traded higher Wednesday morning ahead of the Federal Reserve's decision on interest rates.

The major futures indexes suggest a gain of 0.5% when the opening bell rings on Wall Street.

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Oil prices traded choppy, bouncing between gains and losses. WTI crude futures traded around $117 a barrel. Brent crude futures traded around $119 a barrel. 

The yield on the 10-year Treasury was at 3.40% Wednesday morning.

NYSE Trading

Traders work on the floor of the New York Stock Exchange (NYSE) in New York. (REUTERS/Brendan McDermid / Reuters Photos)

The Federal Reserve is expected to attempt to tame inflation on Wednesday with the first 75-basis point rate hike in close to three decades. It would lift the Funds rate to a range of 1.50%-1.75%.

FED EXPECTED TO INTENSIFY INFLATION FIGHT WITH 75-BASIS POINT RATE HIKE

Other economic reports expected include, retail sales for May, import & export prices, the Fed's Empire State Manufacturing Survey and the homebuilders' sentiment index 

Bitcoin traded around $21,000, currently on an eight-day losing streak.

In Asia, the Nikkei 225 in Tokyo lost 1.1%, Hong Kong's Hang Seng gained 1.1% and China's Shanghai Composite Index gained 0.5%.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 44782 -128.65 -0.29%
SP500 S&P 500 6047.15 +14.77 +0.24%
I:COMP NASDAQ COMPOSITE INDEX 19403.947849 +185.78 +0.97%

On Tuesday, the S&P 500 declined 0.4% to 3,735.48, putting it 21.8% below its Jan. 3 peak. That puts it in a bear market, or a drop of 20% from the last market top.

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The Dow Jones Industrial Average fell 0.5% to 30,364.83 and the Nasdaq composite rose 0.2% to 10,828.35.

The Associated Press contributed to this report.