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U.S. stock-index futures were in a holding pattern on Wednesday as traders awaited a policy decision from the Federal Reserve.

Today's Markets

As of 8:00 a.m. ET, Dow Jones Industrial Average futures fell 1 points, or 0.01%, to 16728, S&P 500 futures were flat at 1934 and Nasdaq 100 futures rose 5.2 points, or 0.15%, to 3778.

The markets have wavered recently as summer kicks off on Wall Street. However, the Federal Reserve's policy decision due later in the day could help provide a better sense of direction. 

Most economists are in agreement the mighty central bank will continue paring back its bond-buying program -- likely by $10 billion to $45 billion a month. At its peak, the Fed was buying assets at a clip of $85 billion under its QE3 program. 

The bigger question is when policymakers plan on hiking interest rates and how it will begin the process of trimming its balance sheet. This meeting will be accompanied with so-called "dot forecasts" in which traders and analysts will get a look at easing timelines. 

On the corporate front, shipping giant FedEx (FDX) unveiled a quarterly beat on the top and bottom lines. Amazon.com (AMZN) is set to take the wraps off a smartphone. 

U.S. crude oil futures rose 37 cents, or 0.35%, to $106.73 a barrel. Wholesale New York Harbor gasoline advanced 0.27% to $3.099 a gallon. Gold fell $1, or 0.08%, to $1,271 a troy ounce.

Follow Adam Samson on Twitter @adamsamson.