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Wall Street was ready for the first Fed rate cut in a decade



U.S. Stock index futures were higher on Wednesday morning, as market participants supported the outcome of the Federal Reserve's meeting later in the session.

Around 03:30 ET, Dow futures rose 70 points, indicating a positive opening of more than 66 points. Futures for S&P and Nasdaq were both slightly higher.

The US central bank is largely expected to reduce interest rates for the first time since the financial crisis more than ten years ago. Market expectations point to a one-quarter interest rate cut.

The Fed is set to deliver the decision at 2pm. ET, with Chairman Jerome Powell scheduled to hold a press conference at 2:30 pm. ET.

The estimated move from the Fed has supported prices of risk across the world in recent days. However, concerns about the trade wars have reappeared to make gains.

President Donald Trump said in a series of tweets on Tuesday that Beijing does not keep its promise to buy more US agricultural products, and diminishes the hope that the world's two largest economies will soon reach a trade agreement.

China insists that they have purchased US agricultural products.

Washington and Beijing agreed to start the trade talks late last month after falling through in May. The two countries have been involved in a trade war since last year. At that time, they were paying billions of dollars worth of each other's goods.

Financial data and income

On the data front, the ADP salary for July will be released around 1

0.00. 08.15 ET. Second Quarter Employment Cost Index and Chicago Purchasing Index (PMI) data for July will follow a little later in the session.

In company news, General Electric, Occidental Petroleum and Spotify are among the companies that plan to report the last quarterly earnings before the opening clock.

Qualcomm, Vale and Sturm Ruger are among those set to post their results according to market proximity.

– CNBC's Fred Imbert contributed to this report. 19659016]
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