GIS - Futures Soar Ahead of Fed Meeting

Stock futures gained on Wednesday morning ahead of the latest interest rate decision from the Federal Reserve as the recent pop in oil prices eased and Treasury yields backed off multi-year highs.

Futures for the Dow Jones Industrials jumped 90 points, or 0.3%, to 34,907.

Futures for the S&P 500 gathered 10.5 points, or 0.2%, at 4,500.50.

Futures for the NASDAQ picked up 28.75 points, or 0.2%, to 15,403.75.

Shares of General Mills rose 1% after the food products company reported fiscal first-quarter results that were slightly above Wall Street expectations.

The company generated $1.09 in adjusted earnings per share on $4.90 billion of revenue. Analysts surveyed by LSEG were expecting $1.08 per share on $4.88 billion of revenue. Net sales were up 4% year over year, even though sales in the pet category were flat.

The Fed is widely expected to hold rates steady at 2 p.m. ET, but investors will be paying close attention to the summary of economic projections and the press conference of Fed chair Jerome Powell for clues as to whether the central bank will hike one more time this year.

The Fed hiked its benchmark rate in July to the highest level in more than 22 years. Fed futures prices signals just a slight chance of about 29% that the Fed would raise rates in November.

In Japan, the Nikkei 225 fell 0.7% Wednesday, while in Hong Kong, the Hang Seng sank 0.6%

Oil prices ducked 83 cents to $90.37 U.S. a barrel.

Gold prices lost a dollar to $1,952.70.