GIS - Futures Rise Ahead of Expected Rate Hike

Stock futures rose slightly Wednesday as traders looked ahead to a potential interest rate hike announcement from the Federal Reserve later in the day.

Futures for the Dow Jones Industrials gained 67 points, or 0.2%, early Wednesday to 30,868.

Futures for the S&P 500 picked up 7.75 points, or 0.2%, to 3,880.50

Futures for the NASDAQ Composite Index were static at 11,922.25.

Investors expect that the central bank will deliver its third consecutive 0.75-percentage-point rate hike to tame high inflation.

A higher-than-expected consumer price index reading in August and hawkish comments on rate hikes from Fed leaders have weighed on stocks, with more pressure likely ahead as the central bank continues to fight inflation.

Investors will also be watching for earnings from Lennar, KB Homes, General Mills and Steelcase Wednesday. Existing home sales will also be released Wednesday.

In Japan, the Nikkei 225 fell 1.4%, while in Hong Kong, the Hang Seng dropped 1.8%.

Oil prices jumped $2.14 to $86.08 U.S. a barrel.

Gold prices hiked $11.10 to $1,682.20 U.S. an ounce.