US stock futures moved higher on Wednesday, as investors awaited a statement from the Federal Reserve that could shed light over the timing of the first rate hike. The Dow Jones Industrial Average is expected to open up 42 points, while the S&P 500 and the Nasdaq are set to begin the session respectively four and 11 points higher. FOMC meeting in focus The two-day Fed meeting comes to an end on Wednesday and the US central bank is expected to release a brief statement at 1900 BST. While a change in policy is unlikely, the FOMC announcement is going to be closely watched by investors and could spark volatility in the market. “The main argument against a rate hike this year is that inflation is currently below target and we’re not seeing the kind of spending from consumers to be confident of future price increases,� said Oanda’s senior market analyst Craig Erlam. “The argument for assumes that with good wage growth, low unemployment and less slack in the economy, price inflation will naturally follow. “With that in mind, a rate hike this year and a more gradual pace of hikes in the future is less of a threat than potentially having to hike them at a faster pace next year.� Wednesday data Away from Fed statement, investors will analyse a report on pending home sales, which is released at 1500 BST, while crude oil and gasoline inventories for the week to 24 July are published at 1530 BST. Elsewhere, European stocks were in the black following a stabilisation in China’s equity markets and a slew of well-received earnings reports. The dollar fell 0.19% against the pound but rose 0.10% and 0.16% against the yen and the euro respectively, while gold futures slid 0.07% to $1,095.90. Oil prices fell , with West Texas Intermediate losing 0.63% to $47.68 a barrel, while Brent shed 0.38% to $53.10 a barrel. Twitter plunges In company news, Gilead Sciences rose 4.14% ahead of the bell after posting better-than-expected results late on Tuesday. Going the other way, Twitter plunged 9.55% in pre-market trading after investors were left unimpressed late on Tuesday by the group’s user growth. Another social media giant, Facebook, will report after the close, along with Whole Foods Market.

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