Stock futures traded higher Wednesday as crude prices dipped and traders awaited the Federal Reserve’s rate policy decision.
Futures for the Dow Jones Industrials moved upward 54 points to 47,402.
Futures for the S&P 500 index nicked higher 4.5 points, or 0.1%, to 6,777.75.
Futures for the NASDAQ surged 26.5 points, or 0.1%. to 25,042.
The moves come a day after the major stock averages were able to shrug off a rise in oil prices. The Dow, S&P 500 and NASDAQ each closed higher on Tuesday.
With respect to earnings, eyes are on Micron Technology, as the chipmaker is slated to release its latest quarterly results after the bell Wednesday. The stock has been on a tear this year, rallying nearly 62% amid soaring demand for high-bandwidth memory.
Oil, meanwhile, popped after President Donald Trump said in a Truth Social post that the U.S. did not need help from NATO allies in the Middle East.
The president’s comments came after he signaled on Monday that a coalition may be formed to help protect ships attempting to travel through the Strait of Hormuz.
A wave of Iranian attacks on the United Arab Emirates’ energy infrastructure also sparked fears about crude and fuel shipping.
Investors are now looking ahead to the Fed’s interest rate decision expected on Wednesday. Markets are expecting the central bank to keep interest rates unchanged in a range between 3.5% to 3.75%.
Traders will be watching for any guidance from Fed Chair Jerome Powell on whether oil prices could impact future monetary policy
In Japan, the Nikkei 225 skyrocketed 2.9% Wednesday, while in Hong Kong, the Hang Seng improved 0.6%.
Oil prices dropped 63 cents to $95.58 U.S. a barrel.
Gold prices withered $101.30 to $4,906.90 U.S an ounce.
