1. Investors await Federal Reserve announcement
All eyes on Wall Street will be on the Federal Reserve's policy statement today, due at 2:00PM ET.
Fed officials are expected to provide further signals that the central bank could raise rates as soon as September if the economy continues to improve as expected.
Fed Chair Janet Yellen will not hold a press conference after the release and there will be no updated economic projections.
2. Twitter (NYSE:TWTR) plunges 12% in pre-market trade
Shares of the microblogging company plunged sharply after reporting late Tuesday that its monthly average users grew at the slowest pace since it went public in 2013.
3. Wall Street earnings keep rolling in
Humana (NYSE:HUM), Mastercard Incorporated (NYSE:MA) and Wynn Resorts Limited (NASDAQ:WYNN) are due to report quarterly earnings ahead of Wednesday's opening bell.
After Wednesday’s close of trading, Facebook (NASDAQ:FB) and Whole Foods Market (NASDAQ:WFM) are scheduled to report.
4. U.S. data in focus
The U.S. will release data on pending home sales for June at 10:00AM. The data is expected to show a gain of 1.0%, following a 0.9% increase in May.
5. Chinese stocks continue roller coaster ride
The Shanghai Composite took investors on another roller coaster ride on Wednesday, rising more than 1% after the open, only to turn negative after the midday break, and then rise again to end up 3.5%.
Some analysts attribute the strong finish to a rush of buying by government-backed funds in the final hour of trade.
Equity markets in China plunged sharply earlier this week, forcing policymakers to intervene and provide measures to boost liquidity and calm investors.
Chinese regulators pledged to buy more shares to stabilize markets, while the country's central bank hinted at more policy easing if needed.
On Monday, the Shanghai Composite tumbled 8.5%, the biggest one-day drop since February 2007, amid reports that government buying of stocks and securities has slowed.