Stock futures were pointing toward a higher open early Wednesday as the dollar declined and commodities rallied while traders awaited an interest rate decision from the Federal Reserve later today.
At 6:10 a.m. in New York, the Dow Jones Industrial Average futures were higher by 52 points, or 0.5%, to 10450 while the S&P 500 futures rose 7.1 points to 1111.00 and the Nasdaq 1000 futures were higher by 13.25 points to 1808.25.
The euro reversed two days worth of declines overnight, pushing oil and metals higher as the dollar weakened. Oil futures were up 0.93% to $71.35 a barrel while gold advanced 1.02% to $1,134.50 a troy ounce. Copper futures were also higher, rising 1.2% in early trading.
The gains in the commodities come as U.S. and international investors braced for an interest rate decision by the Federal Reserve's Federal Open Market Committee shortly after 2 p.m. ET today. While interest rates are widely expected to remain near zero, recent economic reports such as November's jobs report make the commentary part of the FOMC's decision something to closely watch.
Also on the agenda today are consumer price inflation report from the Labor Department and housing starts and building permits from the Commerce Department. The Labor Department's CPI report will be something to closely watch -- economists are looking for a rise of 0.4% for November -- especially after Tuesday's worse than expected producer price inflation report.
The Energy Department will also release its weekly crude inventory report later this morning, which may impact the oil market.
