NEW YORK (CNNMoney.com) -- U.S. stocks were set for a higher start Wednesday, as investors awaited the release of the Federal Reserve's latest policy statement.
Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were higher.
Futures measure current index values against perceived future performance.
Wednesday's policy statement from the Fed may finally offer markets some guidance after days of choppy trading. On Tuesday, U.S. stocks gave up early gains to finish the session lower.
"The Fed's statement will be integral to the market's direction today and for the rest of this week," said Derek Hoffman, founder of Wall St. Cheat Sheet.
"Any indication from the Fed that they don't plan to raise rates any time soon will be cheered and fuel a rally," he added.
Fed: The central bank is due to release its policy statement at 2:15 p.m. ET.
Policy makers are expected to keep rates near historic lows. But as usual, investors will be looking to see what the statement says about the economic outlook and the tools they have at hand to keep bolstering the economy.
Economy: A report on new home sales from the Census Bureau is due out shortly after the opening bell at 10 a.m. ET.
Sales are expected to have fallen to a seasonally adjusted annual rate of 430,000 units in May from a 504,000 unit rate in the previous month, according to a consensus of economists surveyed by Briefing.com. .
Companies: Stocks to watch include Adobe Systems (ADBE), which reported financial results that topped Wall Street's estimates late Tuesday.
World markets: Stocks around the globe retreated. In morning trading in Europe, the FTSE 100 in Britain fell 0.5%, Germany's DAX dipped 0.2% and the CAC 40 in France posted a 0.6% decline.
In Asia, Japan's benchmark Nikkei index tumbled 1.9% and the Shanghai Composite dropped 0.7%, while the Hang Seng in Hong Kong edged higher 0.2%.
Dollar and commodities: The dollar was down against the euro, the British pound and the Japanese yen.
U.S. light crude oil for August delivery fell 25 cents to $77.60 a barrel.
COMEX gold's August contract rose $4.90 to $1,245.70 per ounce.
Bonds: Treasury prices rose, pushing the yield on the 10-year note down to 3.18% from 3.22% on Tuesday. Bond prices and yields move in opposite directions. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.80% | |
| 15 yr fixed | 3.09% | 3.11% | |
| 5/1 ARM | 2.65% | 2.69% | |
| 30 yr refi | 3.77% | 3.86% | |
| 15 yr refi | 3.09% | 3.21% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 12,454.83 | -74.92 | -0.60% |
| Nasdaq | 2,837.53 | -1.85 | -0.07% |
| S&P 500 | 1,317.82 | -2.86 | -0.22% |
| Treasuries | 1.74 | -0.01 | -0.80% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 7.15 | 0.01 | 0.14% |
| Sprint Nextel Corp | 2.62 | 0.09 | 3.56% |
| Cisco Systems Inc | 16.33 | -0.06 | -0.37% |
| Chesapeake Energy Co... | 15.81 | 0.23 | 1.48% |
| Ford Motor Co | 10.60 | 0.01 | 0.09% |
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