U.S. stock index futures rose slightly on Wednesday as investors awaited the Federal Reserve’s latest policy decision for insights into the state of the world’s largest economy.

As of 06:40 ET (10:40 GMT), Dow Jones Futures were up 45 points or 0.1%, S&P 500 Futures gained 15 points or 0.3%, and Nasdaq 100 Futures climbed 65 points or 0.3%.

Wall Street’s major indexes declined on Tuesday, with the S&P 500 falling 1.1%, the NASDAQ Composite dropping 1.7%, and the Dow Jones Industrial Average slipping 0.6%, as a brief rebound from six-month lows lost momentum.

Concerns over an economic slowdown, heightened by uncertainty surrounding U.S. trade policies, have weighed on sentiment over the past month.

Federal Reserve Expected to Hold Rates, Economic Outlook Uncertain

The Federal Reserve is widely expected to keep its benchmark interest rate unchanged at 4.50% for a second consecutive meeting.

Investors will closely analyze the central bank’s updated summary of economic projections for indications on future rate adjustments. The Fed had previously kept rates steady in January after reducing them by 1% through 2024, mainly in response to cooling inflation. However, inflationary pressures have remained persistent in recent months.

Policymakers have signaled that further rate cuts will depend on economic conditions, with concerns that new tariffs imposed by the Trump administration could sustain inflationary pressures in the medium to long term.

There are no major economic data releases scheduled for Wednesday.

Tesla Rises on Robotaxi Developments

Tesla (TSLA) is set to gain attention after securing a key permit in California for its long-awaited robotaxi service.

The California Public Utilities Commission (CPUC) granted Tesla a transportation charter-party carrier (TCP) permit, a requirement for chauffeur-driven services. This allows the company to manage a fleet of vehicles and provide scheduled transport services, a step toward launching its autonomous ride-hailing business.

Separately, Bloomberg reported that Morgan Stanley (NYSE: MS) is planning to cut around 2,000 jobs later this month as part of cost-cutting measures.

Oil Prices Decline After U.S.-Russia Talks on Ukraine

Crude oil prices fell for a second consecutive session on Wednesday after Russia agreed to pause attacks on Ukrainian energy infrastructure for 30 days following a discussion between U.S. President Donald Trump and Russian President Vladimir Putin.

At 06:40 ET, Brent crude futures dropped 0.3% to $70.35 per barrel, while U.S. West Texas Intermediate (WTI) crude declined 0.3% to $66.55 per barrel. Both benchmarks had lost around 1% on Tuesday.

The agreement, while falling short of the full 30-day ceasefire sought by the U.S., is intended to de-escalate tensions and protect vital energy assets in Ukraine. If negotiations progress, Washington may consider easing certain sanctions on Russian energy exports, potentially increasing global oil supply.