US Stock Futures Up, Fed In Focus

US stock futures are higher this morning. Futures for the Dow Jones Industrial Average surged 43 points to 14,436.00 and S&P 500 index futures rose 5.90 points to 1,548.80. Nasdaq 100 futures gained 16 points to 2,797.25. US stocks closed mostly lower on Tuesday, with the Dow Jones Industrial Average rising 0.03% to 14,455.82, the S&P 500 index falling 0.24% to 1,548.34 and the Nasdaq 100 index declining 0.26% to 3,229.10. The MBA purchase applications index will be released at 7:00 a.m. ET, while the EIA weekly report on petroleum inventories will be released at 10:30 a.m. ET. The FOMC will announce its policy decision at 2:00 p.m. ET Adobe Systems ADBE posted upbeat first-quarter results. AAR AIR reported upbeat third-quarter earnings and raised its full-year forecast. Williams-Sonoma WSM reported better-than-expected fourth-quarter profit. The company also announced its plans to buy back up to $750 million in stock and lift its dividend by 41%. FedEx FDX is estimated to report its Q3 earnings at $1.39 per share on revenue of $10.85 billion. Actuant ATU is expected to report its Q2 earnings at $0.37 per share on revenue of $365.56 million. Oracle ORCL is expected to post its Q3 earnings at $0.66 per share on revenue of $9.38 billion. General Mills GIS is projected to report its Q3 earnings at $0.57 per share on revenue of $4.36 billion. Jabil Circuit JBL is expected to post its Q2 earnings at $0.54 per share on revenue of $4.38 billion. Guess' GES is estimated to post its Q4 earnings at $0.87 per share on revenue of $785.57 million. Lennar LEN is expected to report its Q1 earnings at $0.16 per share on revenue of $897.99 million. Pacific Sunwear of California PSUN is projected to post a Q4 loss at $0.16 per share on revenue of $227.86 million. Herman Miller MLHR is projected to post its Q3 earnings at $0.28 per share on revenue of $436.30 million. European markets were higher today. The STOXX Europe 600 Index rose 0.36%, London's FTSE 100 Index gained 0.17%, French CAC 40 Index climbed 0.57% and German DAX 30 index rose 0.56%. Asian markets ended mixed, with China's Shanghai Composite rising 2.66% and Australia's S&P/ASX 200 tumbling 0.44%. Hong Kong's Hang Seng Index rose 0.97% and India's Sensex tumbled 0.65%.