Stocks set to rise at open

NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a higher open Wednesday as investors reacted to a stronger-than-expected report on durable goods orders and waited to hear what Federal Reserve policy makers say about the economy.

At 8:45 a.m. ET, S&P 500, Nasdaq-100 and Dow Jones industrial average futures were higher.

Stocks ended little changed Tuesday after a weaker-than-expected housing market report and the start of the Fed's two-day meeting. The Dow industrials slipped 16 points to a 3-week low.

Art Hogan, chief market strategist at Jefferies & Co., said futures were trading higher because we're "in deficit territory," referring to the 5% decline in stocks over the last week and on Monday.

He also said that investors could get a lift from this morning's home sales report if it meets expectations that "new home sales are moving in the right direction."

Economy: The government's report on durable goods showed an increase of 1.8% in May. This was a turn-about from the 0.9% decline that was expected by a consensus of economists surveyed by Briefing.com.

The government slightly revised its durable goods report for April to a gain of 1.8%.

After the opening bell, the May new home sales report is scheduled. Economists expect a rise in the annual sales rate to 360,000 from 352,000 in April.

Fed meeting: The Federal Open Market Committee will conclude its two-day meeting Wednesday, with an announcement scheduled for around 2:15 p.m. ET.

The central bank is expected to hold interest rates steady at historic lows near zero. However, what officials say about the economy and the outlook for inflation will be carefully considered, as will any action involving the Treasury market.

Companies: Rite Aid (RAD, Fortune 500) reported its eighth consecutive quarterly loss on Wednesday. The drugstore chain said it lost 11 cents per share in the most recent quarter, compared to a loss of 20 cents in the year-ago quarter.

Monsanto (MON, Fortune 500), a producer of seeds for agriculture, reported a decline in profit to $1.25 diluted earnings per share, compared to the year-ago profit of $1.45 per share.

Software maker Oracle (ORCL, Fortune 500) reported a decline in fiscal fourth-quarter operating income, but the result was still better than analysts' forecasts. The company also reported sales above expectations and record profit margins. Shares gained 2.5% in after-hours trading.

Apple (AAPL, Fortune 500) CEO Steve Jobs is recovering from after a liver transplant at Methodist University Hospital Transplant Institute in Memphis, Tenn., the institute's program director said Tuesday. The institute did not say when the transplant took place; published reports indicated that Jobs -- on leave from Apple through the end of this month -- had the procedure two months ago.

Other markets: Asian stocks ended higher Wednesday, with Tokyo's Nikkei up 0.4%. European markets were higher in midday trading.

Oil was down 72 cents to $68.52 a barrel ahead of the government's weekly inventory report.

The dollar rose against the euro and the yen, but slipped versus the British pound.