Stocks set for pre-Fed boost
Futures advance as investors gear up for the central bank's policy statement; durable goods, new home sales on tap.
NEW YORK (CNNMoney.com) -- Stock futures moved higher early Wednesday, ahead of a slew of economic reports and the Federal Reserve's policy statement on interest rates.
At 7 a.m. ET, Nasdaq and S&P futures were higher, with a comparison to fair value suggesting early gains for Wall Street.
Stocks ended Tuesday's session modestly lower. Wall Street has been hamstrung recently, pressured by weak readings on the economy and nervousness ahead of the Fed's rate decision.
Fed meeting The central bank is widely expected to keep rates steady. But traders are watching the policy statement, due at 2:15 p.m. ET, to see whether the Fed hints that inflation is starting to replace slowing growth as the biggest risk for the economy.
Economy A report on orders for durable goods, big-ticket items meant to last three years or more, is on tap at 8:30 a.m. ET.
The Commerce Department is expected to report that orders for durable goods increased in May, according to economists surveyed by Briefing.com. Orders are expected to be flat after falling 0.5% in April.
New home sales come out after the market open. The number of new homes sold and for sale in the month of May is expected to slow to an annual pace of 510,000 from 526,000 in April, according to Briefing.com.
Energy The government is also scheduled to release its weekly report on fuel stockpiles. That report is due at 10:30 a.m. ET. Crude prices hovered around $137 a barrel in early electronic trading.
Meanwhile, Congress is set to examine the state of the global energy markets and the impact of sustained high oil prices on the U.S. economy. The Joint Economic Committee will hold a hearing beginning at 9:30 a.m. ET.
Countrywide Illinois' attorney general plans to sue Countrywide Financial (CFC, Fortune 500). The state says the mortgage lender used 'deceptive' lending practices to sell risky loans. The suit comes as shareholders of Countrywide are widely expected to approve Bank of America's (BAC, Fortune 500) takeover offer at a meeting today.
Earnings General Mills (GIS, Fortune 500) said its fourth-quarter profit fell 17% on rising commodity hedging costs. But revenue in the quarter beat Wall Street expectations, due to strong sales of the company's yogurt, cookie mixes and Cheerios.
The food producer reported earnings of 53 cents per share for the fourth quarter, compared to earnings per share of 62 cents in the same quarter last year. Excluding losses on commodity positions, General Mills would have earned 73 cents per share.
Techs Software maker Oracle (ORCL, Fortune 500) is slated to release its fourth-quarter results after the closing bell. The firms is expected to report earnings per share of 44 cents, up 22% from 36 cents last year, on revenues of $6.86 billion.
BlackBerry maker Research In Motion (RIMM) is also set to announce earnings after the close of trade. Analysts are forecasting a profit of 89 cents per share, up 118% year-over-year, on revenues of $2.27 billion.
Other markets In global trade, Japan's Nikkei fell for the fifth day in a row, and European shares rose in midday trading. 
