U.S. stock market futures moved higher in the early hours of Wednesday morning as investors gear up for the Federal Reserve meeting later in the day. The most-awaited decision on the second round of interest rate hikes will be announced by the Fed. The Street expects the hike to be at least half a percentage point.
Futures tied to the Dow Jones Industrial Average (DJIA) were up marginally 0.09%, as of 2.10 a.m. EST, on Wednesday. Meanwhile, the S&P 500 (SPX) futures grew 0.19%, whereas the Nasdaq 100 (NDX) futures edged 0.25% higher.
During the meeting, the Fed, which is expected to be hawkish on its policy decisions, is likely to announce plans to shrink its balance sheet by $95 billion, starting in June.
Market watchers also expect a recession later this year on the back of a tighter monetary policy.
During the regular trading session on Tuesday, the Dow rose 0.2%, the S&P 500 advanced 0.48%, and the Nasdaq 100 gained 0.11%.
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