U.S. Stock Market News - Wall Street Set To Open Higher

Wall St. set to rise on Apple results; Fed awaited

Wall Street was set to open higher on Wednesday as investors await the Federal Reserve's latest policy statement, while Apple's strong results allayed some concerns about its business in China.

Apple (AAPL.O) sold 48 million iPhones in the quarter and reported a near doubling of revenue from China. The stock was up 1.5 percent at $116.35 in premarket trading.

The Fed's statement is due at 2:00 p.m. ET after its two-day policy meeting ends. While the central bank is not expected to raise rates at the meeting, traders will parse the statement for clues on when it will pull the trigger.

While the United States is starting to show signs of a slowdown, the global economy continues to remain fragile with China cutting rates further to stimulate growth.

U.S. stocks closed slightly lower on Tuesday after Ford's (F.N) results missed expectations and energy stocks slid.

At 8:26 a.m. ET, S&P 500 e-minis ESc1 were up 2.5 points, or 0.12 percent, with 108,167 contracts traded. Nasdaq 100 e-minis NQc1 were up 7.5 points, or 0.16 percent, on volume of 20,481 contracts. Dow e-minis 1YMc1 were up 15 points, or 0.09 percent, with 12,986 contracts changing hands.