NEW YORK (TheStreet) -- Stock futures were mixed on Wednesday morning as investors awaited a Federal Reserve announcement during the afternoon.

S&P 500 futures were up 0.04%, Dow Jones Industrial Average futures gained 0.08%, and Nasdaq futures fell 0.03%.

Fed members will close out their two-day meeting mid-afternoon Wednesday. A statement and a press conference will follow. Economists do not expect the Fed to raise interest rates until September at the earliest.

"The key is going to be trying to gauge [Fed Chair Janet] Yellen's mood," said Chris Gaffney, president of EverBank World Markets, in an investor conference call. "She's a dovish member and the Fed is generally dovish. The Fed would like to move off zero but at the same time they want to try to make sure the markets understand that the pace of rate increases is not going to be 'set it and forget it'... They're going to keep it data dependent."

FedEx (FDX) shares dropped more than 1% before the bell after the delivery company reported a mixed fourth quarter and falling operating margins. The company earned $2.66 a share on an adjusted basis, 2 cents below estimates, while revenue of $12.1 billion missed estimates by $210 million. 

Adobe Systems (ADBE) slipped 1% in premarket trading after reporting second-quarter earnings of 48 cents a share, 3 cents higher than expected. The software developer reported revenue of $1.16 billion, 8.4% higher than a year ago and in-line with estimates. The company's outlook for the third quarter, however, was weak.

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