Wall Street ready for first Fed rate cut in a decade

US stock index futures were higher on Wednesday morning as market participants prepared for the Federal Reserve meeting later in the session.

Around 03:30, Dow futures were up 70 points, indicating an opening of more than 66 points. Futures on the S & P and Nasdaq were slightly higher.

It is generally expected that the US central bank will reduce interest rates for the first time since the financial crisis more than ten years ago. Market expectations indicate a rate reduction of a quarter point.

The Fed should make its decision at 14:00. AND, with President Jerome Powell, a press conference is scheduled at 2:30 pm. AND.

The Fed's planned move has supported the prices of risky badets around the world in recent days. However, the concerns of the trade war have resurfaced to limit gains.

President Donald Trump said Tuesday in a series of tweets that Beijing was not keeping its promise to buy more US agricultural products, thereby reducing the hope that the world's two largest economies could soon reach an agreement commercial.

China insists that it has bought US agricultural products.

Washington and Beijing have agreed to resume trade talks at the end of last month after their failure in May. Both countries have been engaged in a trade war since last year. During this period, they imposed customs duties on billions of dollars worth of goods.

As for the data, ADP payrolls for July will be released at approximately 8:15 am ET. The figures for the second quarter employment costs index and the Chicago Purchasing Manager Index (PMI) for July will follow a little later in the session.

As for companies, General Electric, Occidental Petroleum and Spotify are among the companies to publish their latest quarterly profit before the opening bell.

Qualcomm, Vale and Sturm Ruger are among those who will publish their results after the close of the market.

– CNBC Fred Imbert contributed to this report.