Markets

U.S. Futures in Holding Pattern Ahead of Fed Decision

U.S. stock futures were steady on Wednesday as traders stayed on the sidelines ahead of the Federal Reserve's announcement of policy decisions on interest rates and balance sheet.

Oil prices nudged higher with global benchmark Brent Crude up 1.18%, while U.S. crude West Texas Intermediate was up 1.13% recently after Iraq signalled that OPEC and other crude producers were considering extending or even deepening agreed production cuts.

At 10:00 a.m., data are expected to show existing home sales improving at a consensus of 5.480 million in August from July's 5.440 million, according to data compiled by Econoday.

At 2:00 p.m., forecasters see the FOMC holding the federal funds target at a 1.00% to 1.25% range, with a 1.125% midpoint.

In equities, shares of DelMar Pharmaceuticals ( DMPI ) were 34% higher pre-bell after the company received a U.S. patent for cancer treatment Val-083.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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