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The Fed is not expected to raise interest rates.
But investors will closely examine the central bank's statement
for clues on when rates are likely to be increased, as a batch
of soft data could push back the timing of a hike until the end
of the year. The statement is expected at 1400 p.m. EDT (1800
GMT).
U.S. gross domestic product likely braked sharply in the first
quarter as harsh weather dampened consumer spending and energy
companies struggling with low prices cut spending. GDP probably
expanded at a 1.0 percent annual rate, down from the 2.2 percent
growth rate in the fourth quarter.
GDP numbers are due at 8:30 a.m. EDT (1230 GMT).
Twitter <TWTR.N> shares were up 0.5 percent at $42.48 in
premarket trading. The stock slumped as much as 24 percent after
market on Tuesday as the company cut its full-year forecast due
to weak demand for its new direct response advertising.
Lumber Liquidators <LL.N> slumped 15.4 percent to $28.25 after
reporting a 2 percent fall in net sales so far in April and did
not provide a full-year forecast.
Time Warner Inc <TWX.N> shares rose 1.2 percent to $69.00 after
the company's revenue rose 5 percent.
Companies expected to report results on Wednesday include
MasterCard, Marriott International and Yelp.
Futures snapshot at 7:10 a.m. EDT (1110 GMT)
S&P 500 e-minis were down 2.5 points, or 0.12 percent,
with 76,198 contracts traded.
Nasdaq 100 e-minis were down 9 points, or 0.2 percent, on volume
of 11,579 contracts.
Dow e-minis were down 20 points, or 0.11 percent, with 13,320
contracts changing hands.
(Reporting by Tanya Agrawal; Editing by Savio D'Souza)
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