US Futures Higher on Hopes

US equity index futures rose on Wednesday as investors were hoping for support signals from the Federal Reserve while the country faces an increase in the number of new Covid-19 cases.

Recent data indicated a possible slowdown in employment with Covid-19 cases higher in California, Florida and Texas, the most populous states, and investors watch as the Federal Reserve handles those risks at the end of a two-day meeting on Wednesday. No major policy decisions are expected in the Fed statement due out at 18:00 GMT and followed by a press conference.

The main indicators closed down the previous session as investors feared weak consumer confidence and disappointing financial reports.

ET, Dow e-minis 1YMcv1 were up 17 points, or 0.06%. S&P 500 e-minis EScv1 were up 6.25 points, or 0.19% and Nasdaq 100 e-minis NQcv1 were up 49 points, or 0.46%.

The chief executives of the world’s largest technology companies, Facebook, Amazon, Apple and Google, will sit on Wednesday in front of the legislators’ committee on how their business practices, especially during the Covid-19 period and data collection that harms smaller competitors.