Futures for the Dow Jones Industrials weakened 21 points, or 0.1%, to 32,602
Futures for the S&P 500 eked up 2.25 points, or 0.1%, to 3,868.25.
Futures for the NASDAQ Composite added 24 points, or 0.2%, to 11,356.
Shares of Twilio, the maker of programmable tools allowing businesses to send and receive calls and texts, dropped nearly 4% in pre-market trading.
The dip followed a double-downgrade from Bank of America and price target cut for the stock. While the bank still expects share value to go up 13% in the next year, that’s down from the previously expected 133%.
The Fed is widely expected to announce a 0.75-percentage-point rate increase, its fourth hike in a row of that size as it battles high inflation. Investors are also looking for a signal that the central bank is prepared to slow the pace of its rate-hiking plan come December.
Comments from the Federal Reserve and Fed Chair Jerome Powell will play a key role in deciphering where stocks go in the months ahead and whether markets kick off a fresh bull run.
The central bank’s decision will come after the release of mixed economic data on Tuesday.
The ISM manufacturing index showed the share of companies reporting expansion in October come in slightly ahead of expectation, while
the JOLTS report conveyed a strong labor market despite the Fed’s aggressive tightening clip.
In Japan, the Nikkei 225 fell 0.1% Wednesday, while in Hong Kong, the Hang Seng Index raced ahead 2.4%.
Oil prices gained eight cents to $88.45 U.S. a barrel.
Gold prices hiked $8.90 to $1,658.60 U.S. an ounce.