The economic calendar in the U.S. Wednesday includes the Federal Open Market Committee rate decision at 2:15 p.m. EDT; Automatic Data Processing's employment change report for July at 8:15 a.m.; the Institute for Supply Management's manufacturing index for July at 10 a.m; and construction spending for June at 10 a.m.
U.S. stocks on Tuesday fell for a second consecutive session with traders showing some nervousness as the Fed began its two-day policy meeting. The Fed will issue its decision on interest rates Wednesday afternoon. More quantitative easing from the central bank would be a surprise but a change in the Fed's pledge to keep rates at historic lows for longer than currently telegraphed is viewed as likely. The Dow Jones Industrial Average slumped 64 points, or 0.49%, to close at 13,009 on Tuesday.
Automakers such as Ford ( F) and General Motors ( GM) issue their car and truck sales reports for July on Wednesday.
Media and entertainment giant Time Warner ( TWX) is expected by analysts Wednesday to post second-quarter adjusted earnings of 59 cents a share on revenue of $6.95 billion.
MasterCard ( MA), the credit card processor, is scheduled to report second-quarter results before Wednesday's opening bell and analysts expect earnings of $5.58 a share on revenue of $1.88 billion.
Other companies scheduled to report earnings before Wednesday's opening bell include Allergan ( AGN), Amerigroup ( AGP), Automatic Data Processing ( ADP), Burger King Worldwide ( BKW), Comcast ( CMCSA), Devon Energy ( DVN), Dollar Thrifty Automotive ( DTG), Exelon ( EXC), Garmin ( GRMN), IntercontinentialExchange ( ICE), R.R. Donnelly ( RRD), and Vonage Holdings ( VG). Late reporters include Avis Budget Group ( CAR), Extreme Networks ( EXTR), First Solar ( FSLR), Green Mountain Coffee Roasters ( GMCR), LeapFrog Enterprises ( LF), Lincoln National ( LNC), MetLife ( MET), Onyx Pharmaceuticals ( ONXX), Prudential ( PRU), Transocean ( RIG), Weight Watchers International ( WTW) and Williams ( WMB).
Nokia ( NOK) shares were rising more than 10% Wednesday on talk that Chinese PC maker Lenovo may be interested in the struggling Finnish cellphone maker, Reuters reported.