Nasdaq futures inched higher on Wednesday as chip sector stocks gained after quarterly orders for semiconductor equipment maker ASML exceeded expectations, while investors awaited the Federal Reserve's interest-rate decision later in the day.

Major averages drift lower on Wednesday, as investors turned their focus to the upcoming interest rate decision, and big tech earnings slated for later in the day. Early on and the S&P 500 (SP500) was -0.

The Federal Reserve's interest rate decision is due out later this afternoon Stock futures are struggling for direction ahead of the Federal Reserve's first interest rate decision of 2025, due out at 2 p.