Updated from 6:57 a.m. EDTPremarket futures rose off their worst levels to forecast a flat open for stocks on Wall Street Wednesday as traders combed through a bevy of corporate earnings and awaited an expected cut in the Federal Reserve's key target interest rate. After trading sharply lower earlier in the morning, futures for the S&P 500 were down 0.7 points at 938 and were 1.5 points below fair value. Nasdaq futures were lower by 6.4 points at 1302, but were 1.2 higher than fair value. On Tuesday, stocks posted major gains into the close. The Dow Jones Industrial Average rose 11%, as did the S&P 500. The Nasdaq jumped 9.5%. A large part of the upswing took place during the final hour of trading. During the upcoming session, investors will be eyeing the Fed's next move regarding interest rates. Policymakers began a two-day meeting Tuesday, and around 2:15 p.m. EDT the market will know definitively if rates have been reduced again. Observers widely expect the central bank to cut the fed funds target rate 50 basis points to 1% to provide additional liquidity to dysfunctional lending markets. Corporate earnings were also occupying investors' attention. Electronics manufacturer Sony ( SNE) reported a 72% decline in its quarterly profit due in part to recent sharp appreciation of the yen. In the telecommunications space, cable company Comcast ( CMCSA) reported rising net income on revenue that fell just short of estimates. Telecom services firm Qwest ( Q) posted declining revenue and earnings and said it would cut 1,200 jobs during the fourth quarter.