NEW YORK (CNNMoney.com) -- Stocks were pointing to a good start on news of a takeover battle between two independent recording companies, as the Federal Reserve begins a much anticipated two-day meeting.

Stock futures rose slightly in early trading, although a comparison to fair value indicated a better open for the market, as investors eagerly await a signal Thursday from central bank policy makers on the future of interest rate hikes.

Investors and economists are in broad agreement that at least a quarter percentage point hike is certain, with a growing minority saying a half-point hike is possible.

Art Hogan, chief market analyst at Jefferies & Co., said that he thinks the sharp sell-off in stocks Tuesday is probably responsible for futures looking somewhat higher early Wednesday, but he doubts that the early reading on stocks will translate into a strong comeback for equities throughout the trading day.

"I think we're looking at an oversold rally. There wasn't enough news yesterday to justify taking the Dow below 11,000," said Hogan. "But my guess is today would have to fall into the wait-and-see category."

Oil prices were higher in early trading ahead of the weekly U.S. fuel inventory report, due at 10:30 a.m. ET.

The August light crude futures contract for NYMEX gained 10 cents to $72.02 a barrel in electronic trading, while Brent rose 10 cents to $71.08.

Major markets closed lower in Asia ahead of the Fed meeting. Major European markets were mixed in early trading.

Treasury prices edged lower in early trading ahead of the Fed meeting, lifting the yield on the 10-year note to 5.21 percent from 5.20 late Tuesday. That long-term rate is still below the expected 5.25 percent that the Fed is expected to set as its benchmark short-term rate target.

The dollar was higher against the euro but little changed against the yen.

In corporate news, Warner Music Group (Charts) saw its $4.6 billion bid for British music company EMI Group rejected by its larger rival, with EMI calling the offer "wholly unacceptable." EMI last month made a $4.2 billion offer for Warner, and Wednesday it revealed that it had raised that offer to $4.6 billion, or $31 a share, a nearly 14 percent premium from Tuesday's close.

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