The major futures indexes suggest a decline of 0.2% when trading begins on Wall Street.
The Federal Reserve will finish a two-day policy meeting Wednesday. Investors expect the U.S. central bank to keep its key lending rate close to zero and inject more money into the financial system through bond purchases.
The deluge of 1Q earnings reports continues Wednesday with two Dow members – Boeing in the morning and Apple in the afternoon – posting results. The list of heavy hitters is numerous, but some of the main ones to watch ahead of the opening bell are Humana, General Dynamics and Stanley Black & Decker.
Apple's results will get most of the attention after the markets close. Ford Motor, Ebay and MGM Resorts International will also report.
Also on tap is President Biden’s speech to a joint session of Congress, which is expected to lay out several parts of his agenda such as increased infrastructure spending, likely higher taxes on the wealthy and higher funding for government programs.
In Europe, London's FTSE added 0.3%. Germany's DAX gained 0.3% and France CAC was up 0.5%.
In Asia, Japan's Nikkei 225 added 0.2%, Hong Kong's Hang Seng edged up 0.5% and China's Shanghai Composite rose 0.4%.
On Wall Street, indexes closed out a wobbly day of trading on Tuesday, leaving the S&P 500 index just below its all-time high. The benchmark index slipped less than 0.1% to 4,186.72. The index was coming off its latest all-time high. The Dow barely recovered from an early slide, adding less than 0.1% to 33,984.93. The Nasdaq fell 0.3% to 14,090.22. The tech-heavy index also set a record high on Monday.
Microsoft fell 3.1% in after-hours trading following the release of its quarterly results.
Shares of Google's parent company Alphabet gained more than 4% in after-hours trading. The company shattered sales records for the first quarter, fueled by a surge in digital ad spending that has strengthened the tech heavyweight even as regulators try to curtail its power.
In energy trading, benchmark U.S. crude added 21 cents to $63.15 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 18 cents to $66.60 a barrel.
The Associated Press contributed to this report.