Investing.com - U.S. stock futures pointed to a lower open on Wednesday, as investors waited for the Federal Reserve's policy decision later in the session.
The blue-chip Dow futures shed 47 points, or 0.26%, by 10:54GMT, or 6:54AM ET, the S&P 500 futures dipped 7 points, or 0.3%, while the tech-heavy Nasdaq 100 futures lost 51 points, or 1.14%.
Wall Street ended marginally higher on Tuesday, buoyed by gains in the energy and materials sectors.
While the Fed is widely expected to leave interest rates unchanged at the conclusion of its policy meeting at 18:00GMT, or 2:00PM ET, Wednesday, the U.S. central bank could provide guidance on its pace of tightening over the next several months.
Many in the market anticipate the pace of rate hikes to be gradual amid concerns over global economic growth and divergent monetary policies between the U.S. and other nations.
Market players expect one more rate hike this year, most likely in December, while the Fed’s forecasts point to two more. In December, the Fed forecast four rate hikes in 2016.
Besides the Fed, there is U.S. trade deficit data due at 12:30GMT, or 8:30AM ET, and pending home sales at 14:00GMT, or 10:00AM ET.
Among active pre-market movers, Apple shares (NASDAQ:AAPL) plunged almost 8% after the tech giant reported its first-ever decline in iPhone sales and its first revenue drop in over a decade after Tuesday’s closing bell.
Twitter Inc (NYSE:TWTR) lost nearly 14% ahead of the open after reporting revenue and guidance that missed consensus despite its turnaround effort late Tuesday.
Shares of Chipotle Mexican Grill Inc (NYSE:CMG) dropped more than 5% after the burrito chain reported a same-store-sales decrease of 29.7% in the first quarter as free food giveaways aimed at luring back diners after a string of food safety lapses last year failed to revive sales.
Buffalo Wild Wings Inc (NASDAQ:BWLD) sank 12% after the casual dining chain reported an earnings miss as well as disappointing guidance.
On the upside, Dreamworks Animation (NASDAQ:DWA) shares rallied 22% amid reports Comcast (NASDAQ:CMCSA) is in discussions to buy the animation company for more than $3 billion.
Companies slated to release quarterly earnings ahead of Wednesday’s opening bell include Boeing (NYSE:BA), Comcast, and United Technologies Corporation (NYSE:UTX), while Facebook (NASDAQ:FB), PayPal (NASDAQ:PYPL) and Texas Instruments (NASDAQ:TXN) will post numbers after Wall Street closes.
Elsewhere, European stock markets swung between small gains and losses Wednesday, as investors weighed corporate financial results and waited on word from the Fed on what’s next for monetary policy.
Earlier, shares in Asia were mixed, as investors braced for key central bank decisions from the Fed on Wednesday and the Bank of Japan on Thursday.
Meanwhile, oil prices rallied to five-month highs on Wednesday ahead of U.S. weekly supply data due later in the session. The Energy Information Administration will release its weekly report on oil supplies at 14:30GMT, or 10:30AM ET, amid expectations for a gain of 2.4 million barrels.