Wall Street was set for a higher open on Wednesday after data showed surprisingly strong May durable goods orders and ahead of a Federal Reserve policy meeting later in the day.

Adding to optimism, the Organization for Economic Cooperation and Development (OECD) said the economic outlook has improved for the first time in two years.

At the end of its two-day meeting, the Fed is widely expected by economists to leave the benchmark federal funds rate at almost zero and emphasize it will stay in this range for some time.

Investors will watch for any economic outlook from the central bank and changes in its $300 billion program of Treasury purchases, though the Fed is not expected to ramp up asset purchases.

The economy is bottoming here, and we're looking for the Fed to maybe change its statement slightly and maybe start to suggest a more neutral balance of risk. A nod, basically, to an exit strategy, said Kim Rupert, managing director of global fixed income analysis at Action Economics LLC in San Francisco.

S&P 500 futures rose 7.30 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures climbed 67 points, and Nasdaq 100 futures added 11.25 points.

Data showed new orders for long-lasting U.S. manufactured goods had a much stronger-than-expected increase in May, reinforcing hopes the economy has seen the worst.

A statement from the Fed is due after 2:15 p.m. EDT, while investors will take in data on new home sales for May at 10:00 a.m. EDT.

While the OECD said the outlook has improved, it noted soaring unemployment and ballooning budget deficits could knock a weak recovery off track, referring to its 30 member countries.

Tech shares could get a boost after better-than-expected quarterly profit and sales from Oracle Corp . The software maker rose 3.9 percent to $20.65 in premarket trade.

Monsanto Co added 1.6 percent to $80.57 before the bell after the agricultural products maker posted a drop in earnings and said it planned a restructuring that would cut about 900 employees.

Rite Aid Corp gained 3.2 percent to $1.30 after it posted a narrower quarterly loss as it closed more stores.

On Tuesday, the S&P 500 rose as investors hunted for bargains, but another delay in Boeing's 787 Dreamliner project kept the Dow under water.

The broad S&P is up about 32 percent from a 12-1/2-year low in early March, though it had been up as much as 40 percent.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)