Stock index futures higher ahead of FOMC statement

Futures on major U.S. stock indices point to a higher opening on Wednesday ahead of US Federal Reserve’s meeting and Census Bureau's durable goods orders report.

Futures on the S&P 500 are up 0.25 percent, futures on the Dow Jones Industrial Average are up 0.27 percent and Nasdaq100 futures are up 0.51 percent.

Investors are likely to stay glued on FOMC meeting and interest rate decision, which is due to be released at 12:30 pm EDT.

The interest rate is expected to remain unchanged at 0.25 percent. The Federal Reserve kept interest rates at historic lows in the range between 0 percent and 0.25 percent in an attempt to increase consumer consumption and business operations by making borrowing cheaper to revive the economy.

Federal Reserve Chairman Ben Bernanke will hold a press conference on Wednesday after the Fed’s policy announcement. The key issue is likely to be inflation.

The Commerce Department is due to release March durable goods orders report at 8:30 am EDT. Economists expect new orders for manufactured durable goods in March to gain by 1.9 percent compared to a 0.6 percent decline in February. Core durable goods orders, excluding transportation, are expected to increase 1.6 percent in March.

On the earnings front, Boeing, ConocoPhillips, Dun & Bradstreet Corp, Moodys Corp, Baker Hughes, Akamai Technologies, Fiserv and Invesco will report their quarterly earnings.

US stocks rallied to a multi-year closing high on Tuesday as robust earnings reports and a strong report on consumer confidence buoyed sentiment.

The euro advanced 0.19 percent to 1.4671 against the dollar and the yen declined 0.39 percent against the greenback.

Crude oil futures gained 0.17 percent to $112.40/barrel and gold futures gained 0.29 percent.

European stock markets are currently trading mixed with FTSE 100 down by 7.23 points, DAX30 up by 36.81 points and CAC 40 up by 14.43 points.