Stock futures all higher as investors look ahead to Fed rate decision: Live updates

U.S. stock futures all rose on Wednesday morning as investors looked ahead to the Federal Reserve’s latest policy decision.

Dow Jones Industrial Average futures climbed by 46 points, or 0.14%. S&P 500 and Nasdaq 100 futures rose 0.12% and 0.02%, respectively.

Ford Motor beat analysts’ expectations on the top and bottom lines in its latest quarter, as did coffee chain Starbucks. However, both stocks declined in after-hours trading.

On Tuesday, the major averages notched their second straight losing session. The Dow Jones Industrial Average dropped 367.17 points, or 1.08%. The S&P 500 declined 1.16%, while the Nasdaq Composite fell 1.08%.

Ongoing concerns of contagion in the regional banking sector weighed on markets following the First Republic Bank’s collapse and subsequent takeover by JPMorgan. This comes ahead of the Federal Reserve’s latest policy decision, with investors forecasting a roughly 85% chance for an interest rate hike, according to CME Group’s FedWatch tool.

“There’s still pain throughout the sector,” iCapital’s Anastasia Amoroso said Tuesday on CNBC’s “Closing Bell: Overtime.” “And the reason why I think the bank action should really matter to the Fed is because, remember, in the last FOMC meeting, Fed Chair Powell really gave us new metrics to watch in terms of whether they’re going to be raising rates or not. And that is the extent of the credit tightening that’s happening in the economy.”

Corporate earnings season continues with CVS Health, Yum Brands and Spirit AeroSystems reporting results Wednesday before the open.

On the economic front, traders are anticipating the latest ADP jobs data for April. Economists polled by Dow Jones expect a rise of 133,000 jobs last month. That would be a decline from the 145,000 job increase the prior month.

The S&P Global U.S. Services PMI data for April is also due. It’s expected to show a reading at 53.7 last month, which is in line with the prior month.

April’s ISM non-manufacturing PMI data is forecasted to show 51.8, according to Dow Jones consensus estimates. That’s higher than the 51.2 reading from the previous month.