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By Chris Matthews and Barbara Kollmeyer, MarketWatch

Investors await outcome of Fed policy meeting

Stock-index futures pushed higher on Wednesday, pointing to potentially more records for major indexes as Apple Inc. shares climbed in premarket trade as investors cheered the tech giant's quarterly results.

Investors are also awaiting the outcome of a Federal Open Market Committee meeting, and press conference with Federal Reserve Chairman Jerome Powell.

How are major indexes performing?

Dow Jones Industrial Average futures rose 77 points, or 0.3%, to 26,660, while S&P 500 futures climbed 9 points, or 0.3%, to 2,957.50. Nasdaq-100 futures led with a 52.75 point-rise, a gain of 0.7%, to 7,852.75.

On Tuesday, the Dow gained around 0.2% to 26,592.91, while the S&P 500 index gained 2.8 points, or 0.1%, or to close at 2,945.83, well of its Tuesday low at 2,924.21. Meanwhile, The Nasdaq Composite Index fell 54.09 points, or 0.7%, to finish at 8,107.77, but off a low at 8,050.55.

The S&P 500 edged further into record territory, the Nasdaq pulled back from a record finish on Monday, while the Dow is 0.9% away from its record closing high, set on Oct. 3.

What's driving the market?

Investors are digesting another round of corporate earnings reports, with Apple (AAPL) getting special attention after the iPhone maker reported another fall in profit and revenues, but beat expectations for first-quarter performance (http://www.marketwatch.com/story/apple-stock-gains-after-earnings-outlook-tops-expectations-2019-04-30). Moreover, Apple signaled that the worst is over for its China business, while reporting momentum in its services businesses that bulls see as key to the company's growth. Shares wee up 5.7% before the start of trade Tuesday.

First Take: Apple is optimistic, and it isn't because of the iPhone (http://www.marketwatch.com/story/apple-is-optimistic-and-it-isnt-because-of-the-iphone-2019-04-30)

On the economic front, the Fed will announce the results of its monetary policy meeting at 2 p.m. Eastern Time, followed by a press conference with Chairman Powell at 2:30 p.m. Eastern.

Over the past six weeks, Fed officials have emphasized a need for patience, signaling they want to leave rates on hold until they are certain about the economic outlook. Many economists expect the Fed to remain on hold for some time, possibly through the end of 2020, while market participants have wagered on the potential for a rate cut.

Read:Powell faces tough test Wednesday as market is uneasy with his recent communication (http://www.marketwatch.com/story/powell-faces-tough-test-wednesday-as-market-is-uneasy-with-his-recent-communication-2019-04-29)

(http://www.marketwatch.com/story/powell-faces-tough-test-wednesday-as-market-is-uneasy-with-his-recent-communication-2019-04-29)The Fed is fully expected to remain on hold Wednesday, but Powell's remarks will be closely watched for clues to policy makers' thinking.

See:The case for the Fed to keep an interest-rate hike on the table revolves around financial stability (http://www.marketwatch.com/story/the-case-for-the-fed-to-keep-an-interest-rate-hike-on-the-table-revolves-around-financial-stability-2019-04-30)

Also read:The Fed could lower an interest-rate target today. Don't get too excited (http://www.marketwatch.com/articles/federal-reserve-interest-rate-target-51556589723)

President Donald Trump took to Twitter Tuesday in an apparent effort to jawbone the Fed (http://www.marketwatch.com/story/trump-today-president-agrees-to-pursue-infrastructure-with-democrats-as-he-leans-on-fed-to-cut-interest-rates-2019-04-30) into easing policy, calling on the central bank to cut rates and reinstitute quantitative easing.

Barron's:Trump wants the Fed to cut interest rates by a full point. He should be happy it's on hold (http://www.marketwatch.com/articles/donald-trump-wants-the-fed-to-cut-interest-rates-he-should-be-happy-its-on-hold-51556656393)

Which stocks are in focus?

Shares of CVS Health Corp.(CVS), were competing with Apple for the largest premarket gains in the S&P 500, after the pharmacy and health-care services giant reported first-quarter earnings (http://www.marketwatch.com/story/cvs-healths-stock-surges-after-profit-revenue-and-same-store-sales-beat-expectations-2019-05-01) and sales that beat Wall Street expectations, while raising its outlook for the full-year 2019. Shares were up 5.1% in premarket trade.

Estée Lauder Cos. Inc. (EL) shares surged 4.2% before the bell Wednesday, after the makeup manufacturer reported first-quarter sales that beat analyst expectations, while predicting revenue would grow between 7% and 8% during the full-year 2019.

Molson Coors Brewing Co. (TAP) stock fell 0.6% in premarket action, after the company reported first-quarter earnings (http://www.marketwatch.com/story/molson-coors-earnings-fall-short-of-estimates-2019-05-01) that fell short of forecasts.

Shares of Humana Inc. (HUM) rose 1.4% in premarket trade, after the insurer reported first-quarter earnings and revenue (http://www.marketwatch.com/story/humana-tops-first-quarter-revenue-and-earnings-expectations-2019-05-01) Wednesday morning that topped Wall Street expectations, while also raising its full-year guidance.

Yum! Brands Inc.(YUM)stock rose 0.6% before the bell, after the Taco Bell parent reported first-quarter results (http://www.marketwatch.com/story/yum-brands-earnings-beat-expectations-2019-05-01).

Chip group Qualcomm Inc.(QCOM), social-gamer Zynga Inc.(ZNGA), wearables maker FitBit Inc.(FIT) and mobile payment group Square Inc.(SQ) will report after the close.

What are analysts saying?

"Global stock markets are edging higher ahead of the U.S. Federal Reserve's rate decision. Despite President Trump's calls for interest rate cuts, Fed chair Jerome Powell is widely expected to keep interest rates on hold," said Mihir Kapadia, chief executive and founder of Sun Global Investments, in emailed comments. "With the global economy still a source of uncertainty for investors, many will be reassured by this more dovish sentiment."

What else is on the economic calendar?

Private-sector employment data from ADP is due at 8:15 a.m. Eastern.

Markit's manufacturing purchasing managers index for April is due at 9:45 a.m. Eastern, while the more closely watched Institute for Supply Management manufacturing index is scheduled for 10 a.m. Economists surveyed by MarketWatch forecast the ISM reading to fall to 54.7% in April from 55.3% a month earlier.

Data on construction spending is due at 10 a.m. Eastern.

How are other markets faring?

Most stock markets in Asia were closed for holidays (http://www.marketwatch.com/story/australian-stocks-rise-with-most-asian-markets-closed-for-holiday-2019-04-30), though Australia's S&P/ASX 200 closed up 0.8%, while New Zealand's NZK-50 fell 0.5%. European stock markets were also largely closed for May Day celebrations, while The U.K's FTSE 100 was edging lower (http://www.marketwatch.com/story/sainsburys-leads-london-markets-quietly-higher-2019-05-01).

The price of crude oil was on the decline Wednesday, along with gold prices . The U.S. dollar was also retreating, relative to its peers.

(END) Dow Jones Newswires

May 01, 2019 07:39 ET (11:39 GMT)

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