Stocks poised for flat open
Investors cautious as they await guidance from Fed about the nation's economy.
NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a flat open Wednesday, as investors looked to the Federal Reserve's policy statement later in the day for an indication of the economy's status.
At 8:40 a.m. ET, Dow Jones industrial average, Standard & Poor's 500 and Nasdaq 100 futures were slightly higher.
Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.
Art Hogan, chief market strategist at Jefferies & Co., said the markets have been in a "wait-and-see mode" ahead of the Federal Reserve's policy statement, due after the meeting ends later Wednesday.
He said the statement would "maybe give us some guidance on monetary policy for the future," and could influence trading. But ahead of that statement, Hogan expects trading to be "pretty quiet."
Stocks slumped Tuesday, as bank shares got pummeled and investors showed their nervousness ahead of the Federal Reserve announcement.
Fed: U.S. central bankers end a two-day meeting today. The Fed's policy statement is due out at 2:15 p.m. ET.
The Fed is expected to keep rates at near zero, but investors will pore over the statement to see what policymakers say about the outlook for the economy.
Economy: The U.S. government reported that the trade deficit for June was $27 billion, which was less than the $28.7 billion expected by economists surveyed by Briefing.com.
The Treasury budget is also on tap for Wednesday.
World markets: Asian stocks finished the session lower, dragged down by a nearly 5% drop in Chinese shares. Major markets in Europe were higher in midday trading.
Money and oil: The dollar was slightly lower versus the euro and the yen, but edged up against the British pound. The price of oil gained 22 cents a barrel to $69.67. 
