BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The Fed announcement is the highlight on Wednesday. Existing home sales in November is scheduled today.
Asian shares finished mixed, while European shares are trading higher.
As of 7.44 am ET, the Dow futures were climbing 208 points, the S&P 500 futures were adding 20.75 points, and the Nasdaq 100 futures were up 52.75 points.
The major averages fluctuated wildly as the day progressed before closing in positive territory.
The S&P 500 hit its lowest intraday level in over a year but ended the up just 0.22 points or less than a tenth of a percent at 2,546.16. The Dow rose 82.66 points or 0.4 percent to 23,675.64 and the Nasdaq climbed 30.18 points or 0.5 percent to 6,783.91.
On the economic front, the Commerce Department's Current Account for the third quarter will be published at 8.30 am ET. The consensus is for a deficit of $125.0 billion, versus $101.5 billion.
Existing Home Sales for November will be issued at 10.00 am ET. The consensus is for 5.190 million, down from 5.220 million in the prior month.
The Energy Information Administration or EIA's Petroleum Status Report for the week will be revealed at 10.30 am ET. In the previous week, the Crude Oil Inventories were down 1.2 million barrels, while Gasoline inventories were up 2.1 million barrels.
Federal Open Market Committee meeting announcement is scheduled at 2.00 pm ET. The consensus for Federal Funds rate is for 2.375 percent, versus 2.00 to 2.25 percent in the prior period. FOMC Forecast also is expected today.
Fed Chair Jerome Powell will address the media at 2.30 pm ET.
In the corporate segment, Winnebago Industries Inc. released earnings for its first quarter that increased from the same period last year. The company's profit came in at $22.16 million, or $0.70 per share. This compares with $17.96 million, or $0.57 per share, in last year's first quarter. The company's revenue for the quarter rose 9.7% to $493.65 million from $450.02 million last year.
Asian stocks ended mixed on Wednesday. China's Shanghai Composite index fell 1.05 percent to 2,549.56 while Hong Kong's Hang Seng index rose 0.20 percent to 25,865.39.
Japanese shares fell. Japan posted a merchandise trade deficit of 737.3 billion yen in November, the Ministry of Finance said. That missed forecasts for a deficit of 630.0 billion yen following the 450.1 billion yen shortfall in October. The Nikkei average fell 127.53 points or 0.60 percent to 20,987.92 while the broader Topix index closed 0.41 percent lower at 1,556.15.
Australian markets fell slightly amid weakness in the energy sector after U.S. oil prices fell over 7 percent overnight on fears of oversupply. Banks gained ground, helping limit the downside in the broader market.
The benchmark S&P/ASX 200 index ended down 8.90 points or 0.16 percent at 5,580.60 after falling 1.2 percent on Tuesday. The broader All Ordinaries index dropped 11.80 points or 0.21 percent to 5,650.
European shares are trading higher. Among the major indexes in the region, the CAC 40 Index of France is climbing 35.14 points or 0.75 percent, the German DAX is adding 79.99 points or 0.74 percent, the U.K. FTSE 100 Index is up 67.46 points or 1.01 percent and the Swiss Market Index is progressing 25.68 points or 0.30 percent.
The Euro Stoxx 50 Index is up 0.73 percent.
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