U.S. futures edge higher, focus on Fed; Dow Jones up 0.05%

Investing.com - U.S. stock futures pointed to a slightly higher open on Wednesday, as investors eyed a statement by the Federal Reserve later in the day, amid expectations that the U.S. central bank will announce further monetary easing steps.

Ahead of the open, the Dow Jones Industrial Average futures pointed to a rise of 0.05%, S&P 500 futures signaled a 0.08% increase, while the Nasdaq 100 futures indicated a 0.22% gain.

Investor confidence remained supported ahead of the outcome of the Fed’s policy setting meeting, amid talk that the U.S. central bank may implement a third round of quantitative easing measures after a recent string of disappointing U.S. economic data.

Sentiment was also helped by indications that Greek political leaders may be moving closer to forming a coalition government.

Meanwhile, the yield on Spanish 10-year bonds eased back to 6.90% after climbing to euro-era highs earlier in the week, amid fears that Madrid will be forced to seek a full-fledged international bailout.

Adobe Systems was expected to be active after cutting its full-year revenue outlook on Tuesday, given that weak European demand is likely to affect sales of the recently launched versions of the company’s design software. The news sent shares down 5.08% in pre-market trade.

Elsewhere in the tech sector, chip equipment maker FSI International saw shares plummet 13.06% in after hour trade, after forecasting a weak fourth quarter seeing as the global economic slowdown delays customer spending.

Jabil Circuit also forecast fourth-quarter results below analysts' estimates as sales stagnate. The contract electronics maker's shares surged 1.96% in late trading however, on expectations that it retained a key mobile phone customer.

Also in earnings, Procter & Gamble forecast that annual earnings for its coming fiscal year would be between flat and up by a mid-single digit percentage amount, with underlying sales set to show a 2 to 4% increase.
 
In the financial sector, JP Morgan was set to remain in focus after a Manhattan federal judge decided against the U.S. lender in a lawsuit over losses on securities backed by risky home equity loans. The ruling could potentially support claims by insurers seeking to hold banks responsible for such losses.

Other stocks in focus included PepsiCo, after the beverage multinational said it sees unfavorable exchange rates hurting 2012 profit more than it had initially expected.

Investors were also eyeing Bed Bath & Beyond and Red Hat, due to report results after the closing bell.

Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 eased 0.08%, France’s CAC 40 fell 0.16%, Germany's DAX added 0.16%, while Britain's FTSE 100 climbed 0.48%.

During the Asian trading session, Hong Kong's Hang Seng Index rose 0.6%, while Japan’s Nikkei 225 Index jumped 1.1%.

Later in the day, the Federal Reserve was to announce its benchmark interest rate and publish its rate statement. The announcement was to be followed by a press conference with Fed Chairman Ben Bernanke to discuss the monetary policy decision.