NEW YORK ( TheStreet) -- Stock futures were moving higher Wednesday amid expectations the Federal Reserve will maintain stimulus at the conclusion of its two-day meeting Wednesday afternoon.
Futures for the S&P 500 were rising 4.25 points, or 5.45 points above fair value, to 1766.3. Futures for the Dow Jones Industrial Average were gaining 47 points, or 49.65 points above fair value to 15,613.35 while futures for the Nasdaq were adding on 13.30 points, or 13.85 points above fair value, to 3383.45.
Both the S&P 500 and Dow closed at record highs on Tuesday. It was a fourth straight record high for the S&P 500 as mixed economic data affirmed investors' belief that the Fed will delay any scale back of monetary stimulus until early next year.
Earnings season will see a roll call of big names today, including Facebook (FB) - Get Report, Sprint (S) - Get Report and General Motors (GM) - Get Report. Facebook is expected to post earnings of 19 cents a share in the third quarter as it positions to a fatter slice of digital advertising.
Sprint is forecast to book a loss of 23 cents a share in the third quarter, with investors to focus on its postpaid subscriber losses.
Investors expect General Motors to report third-quarter earnings of 94 cents a share. Analysts will seek detail about its operations in Europe and capital allocation strategy.
Visa (V) - Get Reportis forecast to post fourth-quarter earnings of $1.85 a share while Starbucks (SBUX) - Get Report is slated to report fourth-quarter earnings of 59 cents a share following good demand momentum.
After the market close on Tuesday, Yelp (YELP) - Get Report reported a third-quarter loss of 4 cents a share compared with a 3-cent-a-share loss a year earlier. The company is seeking to raise $250 million through an offering of common shares for working capital and potential acquisitions. Yelp shares were down more than 4% in after-hours trading.
LinkedIn (LNKD) said it swung to a loss of 3 cents a share in the third quarter against a profit of 2 cents a share in the prior period. Its shares fell 1.9% in after-hours trade.
Economic reports expected Wednesday include private payrolls and key inflation data.
The ADP private payroll employment report at 8.15 a.m. EDT is expected to post a rise of 138,000 jobs after a lift of 166,000 in September.
The Consumer Price Index at 8.30 a.m. is expected to show a 0.2% rise in September after a 0.1% lift in August.
Investors anticipate that the Federal Open Markets Committee announcement at 2 p.m. will leave policy rates unchanged. Markets will focus on any hints around when the board will start to reduce bond buying and its characterization of the economic outlook.
Overseas markets were up ahead of the Fed's monetary policy decision. The DAX in Germany was up 0.43% while the FTSE in London was rising 0.49%. The Nikkei 225 in Japan settled up 1.23% and the Hong Kong Hang Seng rose 2.00%.
Bank of Japan policy makers are expected to maintain the purchases of $71 billion of government bonds per month when they gather today. The stimulus is a bid to end deflation and has underpinned the Nikkei's rally over the pat year.
November crude oil contracts were off 0.48% to cents to $97.75 a barrel. November gold futures were gaining $3.0 to $1,348.2.
The benchmark 10-year Treasury was slipping 4/32, raising the yield to 2.49%. The dollar was off 0.08% to $79.54 according to the U.S. dollar index.