NEW YORK (TheStreet) -- U.S. stock futures were mixed as the Federal Reserve concludes a two-day meeting, where the central bank is widely expected to officially end its monthly bond-buying program while providing new commentary on its inflation outlook.

Stocks, which have now recovered from a selloff in the first two weeks of October, were also trading on Facebook’s (FB) - Get Facebook, Inc. Class A Report disappointing profit outlook and may be impacted mid-morning by an oil inventory report shortly after the markets open.

S&P 500 futures were trading lower by 0.11%, while Nasdaq futures were down by 0.25%. Dow Jones Industrial Average futures were trading higher by 0.07%.

The Federal Open Market Committee will conclude its two-day October meeting Wednesday afternoon, when it could confirm its target for the federal funds rate and monthly bond buying while providing an updated outlook on the U.S. economy.

Guidance from the Federal Reserve has indicated an end to stimulus efforts, as do median forecasts of economists polled by Bloomberg.

"I don’t see how economic data has changed enough for Janet Yellen to not just taper at this point," said Brad Wilson, vice president of fixed income portfolio management at Boston Private Bank, in a telephone interview on Monday evening.

Wilson expects that interest rates will remain low for an extended period, even after the Fed ends its bond-buying program. “It is tough to drive interest rates higher when there is no wage growth,” he said.

On Wednesday’s economic calendar, an oil inventory report could also drive stocks. At 10:30 a.m. EDT, the U.S. Department of Energy will announce oil inventories, giving investors a new read on supply concerns that have pushed the price of oil near multi-year lows.

Reuters reported that Abdulla El-Badri, secretary general of OPEC, said oil output in 2015 will mirror output levels seen this year while also talking down the prospect of a price war among oil producing countries.

Nymex West Texas Intermediate Crude was trading higher by 1.04% at $82.43 early Wednesday, while ICE Brent was higher at $87.41. Oil has tumbled in 2014 amid fears of oversupply.

”We think low energy costs could be a positive for consumers as we enter the holiday season,” Terry Sandven, chief equity strategist at US Bank Wealth Management, said in a telephone interview.

Fiat Chrysler Automotive Group (FCAU) - Get Fiat Chrysler Automobiles N.V. Report  shares surged more than 7% in premarket trading after CEO Sergio Marchionne said the carmaker plans to spin off 10% of its Ferrari sports car business in 2015. Fiat Chrysler sharesrecently listed on the New York Stock Exchange.

Facebook (FB) - Get Facebook, Inc. Class A Reportbeat Wall Street forecasts for third-quarter earnings, reporting a profit of 43 cents a share on $3.2 billion in revenue. Those earnings slightly exceeded forecasts of 40 cents a share on $3.12 billion in revenue. Facebook shares, however, tumbled over 5% in premarket trading on Wednesday.

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Facebook said Tuesday it expects costs to grow by 55% to 75% in 2015 as it ramps up investment in its work force, growing existing products and new areas such as WhatsApp, Oculus and video.

Deutsche Bank (DB) - Get Deutsche Bank AG Report posted a third-quarter loss of 92 million euros ($116 million) as the bank faced ongoing financial burdens from lawsuits, new regulations and its effort to shed risky past investments. Shares in the conglomerate fell more than 2%.

Gilead Sciences (GILD) - Get Gilead Sciences, Inc. (GILD) Report reported adjusted earnings in the third quarter of $1.84 a share, topping analysts' forecasts. The HIV and hepatitis C drugmaker posted revenue of $6.04 billion; analysts were expecting $5.88 billion. Gilead said sales of Sovaldi, a hepatitis C drug, were $2.8 billion in the third quarter, below forecasts. Shares in the company were trading 2.58% lower in premarket trading.

French drugmaker Sanofi (SNY) - Get Sanofi Sponsored ADR Report fired its CEO after he warned that pricing pressure on Lantus, a best-selling diabetes treatment in the U.S., would hurt growth into next year.The company's board also decided to fire CEO Christopher Viehbacher, and appoint Serge Weinberg as acting CEO.

Shares in Sanofi were tumbling more than 5% in premarket trading.

Orbital Sciences (ORB) , whose unmanned rocket exploded seconds after launch on Tuesday night, said it's too soon to know what's to blame. The rocket was carrying about 5,000 pounds of cargo for NASA and the International Space Station when the disaster occurred at the launch pad on Virginia's Wallops Island.

Orbital Sciences was trading more than 12% lower in premarket trading.

Hess (HES) - Get Hess Corporation (HES) Report shares rose 1.28% after the driller reported better-than-forecast earnings and revenue. Third-quarter profit was $1.24 a share on $2.8 billion in revenue, exceeding forecasts for earnings of $1.06 a share on revenue of $2.6 billion.

Anadarko Petroleum (APC) - Get Anadarko Petroleum Corporation Report reported mixed third-quarter earnings, beating on revenue but missing on EPS by a penny. The company earned $1.16 a share on $5 billion in revenue. Anadarko shares were trading higher by 0.89%.

Sodastream (SODA) - Get SodaStream International Ltd. Report , Ralph Lauren (RL) - Get Ralph Lauren Corporation Class A Report and Hyatt Hotels (H) - Get Hyatt Hotels Corporation Class A Report were trading lower after reporting third-quarter earnings in the premarket on Wednesday, while Exelon (EXC) - Get Exelon Corporation Report and Phillips 66 (PSX) - Get Phillips 66 Report were trading higher by more than 1%.

Visa (V) - Get Visa Inc. Class A Report and Metlife (MET) - Get MetLife, Inc. (MET) Report will report third-quarter earnings after the market close on Wednesday. Visa is expected to earn $2.10 a share for the third quarter, while Metlife is forecast to earn $1.38, according to consensus estimates compiled by Bloomberg.

Chevron (CVX) - Get Chevron Corporation Report and Exxon Mobil (XOM) - Get Exxon Mobil Corporation Report will report earnings on Friday, giving investors a clearer picture of oil markets heading into year-end.

-- Written by Antoine Gara in New York

Follow @AntoineGara