Stocks: 5 things to know before the open

Stocks likely to keep climbing
Stocks likely to keep climbing

There's plenty going on Wednesday, but investors seem pretty chilled out.

U.S. stock futures are edging up and international markets are relatively steady, following days of volatility.

Here are the five things you need to know before the opening bell rings in New York:

1. Get ready for the Fed: The Federal Reserve is in the spotlight again. It will announce its interest rate decision at 2 p.m. ET, followed by a news conference with Fed Chair Janet Yellen at 2.30 pm.

Yellen has hinted the Fed will raise rates at some point later this year. Most experts do not expect a rate hike yet, but they'll be listening carefully for more clues about the timing of the first rise in almost a decade.

Across the pond, investors are keeping a close eye on Greece's debt saga, as well as reviewing the latest data on eurozone inflation. Prices across the region rose 0.3% in May -- the first rise this year.

Related: Translating the Fed into English

2. Stock market movers -- Adobe, Coty: Shares in Adobe (ADBE) are dipping premarket based on concerns about the company's profitability in the coming months. The company reported record quarterly revenue on Tuesday.

Shares in Coty (COTY) could be on the move again Wednesday after the stock surged by nearly 20% Tuesday. The beauty brand, which owns a range of name-brand fragrances, is reportedly looking to pay $12 billion for new brands from Procter & Gamble (PG), including Olay.

Related: Fear & Greed Index

3. Earnings: FedEx (FDX) is reporting ahead of the open.

Oracle (ORCL) and Pier 1 Imports (PIR) are reporting after the close.

4. International markets overview: European markets are relatively steady in early trading. Asian markets mostly closed in positive territory.

Oil prices are rising again, up by about 1% to trade around $60.70 per barrel.

In currency markets, the British pound and Swiss franc are moving higher.

Related: 3 stocks to buy if the market crashes

5. Tuesday market recap: The markets had an uplifting day as merger talks invigorated investors. The Dow Jones industrial average and the S&P 500 each gained 0.6%, and the Nasdaq grew by 0.5%.

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