Cyprus appears to be taking a backseat to the Federal Reserve for U.S. investors Wednesday.
"Cyprus has a bit of time to go back to the drawing board and come up with a solution to its problems," said Nick Stamenkovic, strategist at RIA Capital Markets in Edinburgh, Scotland. "The market seems to take the view that the problem is relatively contained."
In corporate news, FedEx(FDX) widely missed earnings estimates and cut its outlook for the year. The company is often viewed as a bellwether for the broader economy due to the global scope of its business. FedEx also said it may temporarily ground some aircraft. Shares of rival UPS(UPS) fell more than 1% in premarket trading.
Shares of Lennar (LEN) rose 1% after the homebuilder reported better-than-expected earnings.
General Mills(GIS) reported earnings that missed forecasts and issued lukewarm guidance. The stock
Adobe Systems(ADBE) shares jumped more than 5% in premarket trading, a day after the graphics software maker beat earnings estimates.