Stock Market Today: Futures Up Slightly as Market Awaits Fed

NEW YORK (TheStreet) -- U.S. stock index futures were trading little changed Wednesday as investors refrained from making any bold moves, bracing for any changes to the Federal Reserve's language when it makes a rates announcement this afternoon.

Dow Jones Industrial Average futures were up 5 points, or 17.03 points above fair value after setting a new intraday high on Tuesday and finishing just shy of its record close of 17,138. S&P 500 futures were higher by 1.25 points, or 2.42 points above fair value. Nasdaq futures were also up 1.2 points, or 1.63 points above fair value.

Read More: September 17 Premarket Briefing: 10 Things You Should Know

Stocks finished on solid footing Tuesday on a report that China is injecting large-scale stimulus to its top banks. Stocks also got a boost after The Wall Street Journal's Jon Hilsenrath reported that the Fed may be keeping its "considerable time" wording on near-zero interest rates in Wednesday's policy projections.

While a growing number of Wall Street strategists forecast a bump up in interest rates sooner than many expect -- to as early as the first quarter of next year -- Scott Wren, senior equity strategist at Wells Fargo, still expects that the markets will have to wait until the fall of next year to see the first increase. He explained that the Fed would not want to make the mistake of raising interest rates too soon and risk tipping the economy back toward a slower pace of growth.

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