S&P 500 futures were flat on Wednesday following a winning day for the major averages, as investors awaited the latest Federal Reserve policy decision. S&P 500 futures inched up less than 0.1%, while Dow Jones Industrial Average futures were down 24 points, or about 0.1%.Nasdaq 100 futures rose nearly 0.3%. Intel rose more than 3% before the bell on news that the White House plans to award the semiconductor company $8.5 billion in CHIPS Act grants. Chipotle Mexican Grill popped 5% after announcing a stock split. Investors eagerly await the Federal Reserve’s latest rate decision, with the central bank broadly anticipated to keep interest rates unchanged at the conclusion of its two-day policy meeting. However, investors will scan the dot plot for insight into the number and timing of rate cuts, with many anticipating the central bank will start lowering rates in June. Some are concerned a recent spate of hot inflation reports could result in even fewer cuts than markets are anticipating. “Despite the market still pricing in nearly three cuts for the year, the dot plot may show only two, especially given recent higher-than-expected CPI prints,” said Gargi Chaudhuri, head of iShares Investment Strategy, Americas at BlackRock. “A slight shift in the stance of a few FOMC members could make this possible and a revision to higher 2024 dots could also impact growth and inflation expectations.” “Additionally, it could spell bad news for recent underperformers, such as small caps and companies with highly leveraged balance sheets, which tend to move in lockstep with rate expectations,” she added. Wall Street is coming off a positive session for the major benchmarks. The 30-stock Dow advanced 320 points, or 0.8%, notching its best day since Feb. 22. The S&P 500 rose roughly 0.6%, while the Nasdaq Composite added about 0.4%. Recent weakness in tech stocks has had some investors deliberating whether the artificial intelligence rally is slowing, as other parts of the market gain traction. U.S. Treasury yields were little changed on Wednesday as investors awaited the Federal Reserve’s latest interest rate decision and guidance about monetary policy and the economy. The 10-year Treasury yield was at 4.291% after dipping by less than 1 basis point. The 2-year Treasury yield was last down less than 1 basis point to 4.685%. Asia-Pacific markets rose as investors digested the Bank of Japan’s landmark shift in monetary policy while awaiting the U.S. Federal Reserve’s interest rate decision. Hong Kong’s Hang Seng index was up 0.3% in the last hour of trade, while the mainland Chinese CSI 300 rose about 0.22% to close at 3,585.38. In Australia, the S&P/ASX 200 fell 0.1% to close at 7,695.8, a day after the country’s central bank held rates at 4.35% for the third meeting in a row. South Korea’s Kospi climbed 1.28% to 2,690.14, powered by a 5.63% gain in heavyweight Samsung Electronics. This is Samsung’s best day since Sep. 1, 2023. Separately, the small-cap Kosdaq inched 0.05% lower to 891.45. Japan’s Nikkei 225 is closed for a public holiday. Oil prices edged lower on Wednesday after hitting multi-month highs in the previous session, as investors braced for the U.S. Federal Reserve’s interest rate policy announcement later in the day. Brent crude futures for May fell 62 cents, or 0.71%, to $86.76 a barrel by 1028 GMT. U.S. West Texas Intermediate futures for April delivery , which expire on Wednesday’s settlement, fell 71 cents, or 0.85%, to $82.76 a barrel. The more active May WTI contract was at $82.11 a barrel, down 62 cents, or 0.75%. Gold prices were stuck in a tight range on Wednesday as traders prepared for a key policy decision from the U.S. Federal Reserve and remarks from Fed Chair Jerome Powell later in the day, which could shed more light on prospects of rate cuts this year. Spot gold was steady at $2,153.65 per ounce. U.S. gold futures were 0.1% lower at $2,156.70.