By Anora Mahmudova and Victor Reklaitis, MarketWatch

Fed statement, more earnings reports also grab the spotlight

U.S. stock futures were pointing to a higher open Wednesday, as investors cheered Apple Inc.'s earnings and waited for a Federal Reserve statement due in the afternoon.

The main indexes were hovering near record levels set last week. S&P 500 futures rose by 5.70 points, or 0.4%, to 2,169, while Dow Jones Industrial Average futures tacked on 64 points, or 0.4%, to 18,462. Nasdaq-100 futures jumped by 39.75 points, or 0.9%, to 4,703.50.

Apple shares (AAPL) gained 7% in premarket action after the iPhone maker late Tuesday posted quarterly profit that dropped from a year ago, but beat expectations (http://www.marketwatch.com/story/apple-earnings-weighed-down-by-iphone-slump-2016-07-26-16485385). Revenue at the world's largest company by market value also fell, yet topped Wall Street's forecasts.

Read:iPhone SE, iPad Pro throw new wrinkle into Apple finances (http://www.marketwatch.com/story/iphone-se-ipad-pro-throw-new-wrinkle-into-apple-finances-2016-07-26)

And:Analysts upbeat on Apple as 'toughest two quarters' now behind it (http://www.marketwatch.com/story/apples-earnings-analysts-upbeat-as-toughest-two-quarters-now-behind-it-2016-07-27)

On the Fed front, the U.S. central bank is expected to stand pat on interest rates as it releases a policy statement at 2 p.m. Eastern Time. Traders want to see if Fed chief Janet Yellen and her colleagues offer any signals on the possibility of a September rate hike (http://www.marketwatch.com/story/what-to-expect-in-the-fed-statement-next-week-2016-07-22).

Read:Why the Fed may want to take away the stock market's punch bowl (http://www.marketwatch.com/story/why-the-fed-may-want-to-lurch-for-the-punch-bowl-2016-07-26)

The key is whether the Fed's statement will "build expectations of a hike in the second half of the year or deliver a more dovish message highlighting the heightened risks, including Brexit," said Craig Erlam, senior market analyst at Oanda, in a note.

"As it stands, the markets have once again come around to the idea that there will be another hike this year, pricing in a 51% chance of it happening by December," he added.

On Tuesday, the S&P 500 and Dow finished little changed, though the Nasdaq Composite rose to a 2016 closing high (http://www.marketwatch.com/story/us-stock-futures-waver-ahead-of-fed-key-earnings-2016-07-26).

Other markets: Oil futures traded lower, while European stocks gained. Asian markets were mixed -- with the Nikkei up 1.7%, but Shanghai down 1.9% -- as investors digested conflicting reports (http://www.marketwatch.com/story/dollar-rises-against-yen-amid-conflicting-reports-about-japan-stimulus-2016-07-27) about the Japanese government's soon-to-be-released stimulus measures. Gold futures edged down, while the ICE U.S. Dollar Index was slightly higher.

Economic news: Market reaction to disappointing durable-goods orders (http://www.marketwatch.com/story/us-durable-goods-orders-sink-4-in-june-biggest-drop-in-almost-two-years-2016-07-27)was muted. Orders for durable or long-lasting goods made in the U.S. sank 4% in June, much more than a 1.7% drop expected by economists polled by MarketWatch.

At 10 a.m. Eastern, investors will take a look at a report on pending home sales, a day after new home sales figures showed a considerable jump in June.

Individual movers: Shares in Twitter Inc.(TWTR) fell 10% in premarket trading after the social media company's disappointing earnings report late Tuesday (http://www.marketwatch.com/story/analog-devices-agrees-to-148-billion-deal-for-linear-technology-2016-07-26).

Goodyear Tire & Rubber Co(GT) jumped 4% after the company beat earnings estimates.

Linear Technology Corp.(LLTC) dropped 2% premarket after Analog Devices Inc.(ADI) on Tuesday announced it would acquire its fellow chip maker (http://www.marketwatch.com/story/analog-devices-agrees-to-148-billion-deal-for-linear-technology-2016-07-26) in a cash-and-stock deal worth $14.8 billion.

Coca-Cola Co.(KO) shares slid 2% premarket after the drinks giant posted weaker-than-expected quarterly sales (http://www.marketwatch.com/story/coca-cola-shares-fall-after-sales-miss-estimates-2016-07-27), while Boeing Co.(BA) gained 2% following a smaller-than-anticipated quarterly loss (http://www.marketwatch.com/story/boeing-shares-climb-after-smaller-than-expected-second-quarter-loss-2016-07-27).

Altria Group Inc.(MO) shares rose 1.6% after the tobacco company reported better-than-expected earnings and raised its guidance.

Mondelez International Inc (http://www.marketwatch.com/story/mondelez-shares-fall-after-sales-miss-estimates-2016-07-27).(MDLZ) shares fell 1.2% premarket after the food giant reported second-quarter sales that missed estimates.

Comcast Corp.(CMCSA) was also among the companies on the earnings docket before the open, with shares in the cable giant rising 4% after its results beat forecasts (http://www.marketwatch.com/story/comcast-revenue-beats-as-video-subscribers-improve-2016-07-27).

Facebook Inc.(FB) and Whole Foods Market Inc. (WFM) are among those due to report after the market's close.

Read earnings previews for Facebook (http://www.marketwatch.com/story/what-to-expect-when-facebook-reports-earnings-2016-07-25) and (http://www.marketwatch.com/story/what-to-look-for-in-comcast-earnings-2016-07-26)Whole Foods (http://www.marketwatch.com/story/what-to-watch-for-in-whole-foods-earnings-2016-07-26).

(END) Dow Jones Newswires

July 27, 2016 09:07 ET (13:07 GMT)