S&P 500 futures traded higher early Wednesday morning as investors looked ahead to the Federal Reserve's policy decision and subsequent press conference slated for the afternoon.

S&P 500 futures climbed 0.18%. Nasdaq-100 futures rose by 38 points, or 0.26%, while futures tied to the Dow Jones Industrial Average lost 35 points, or about 0.1%.

Aside from the Fed's policy announcement, investors are preparing for Chair Jerome Powell's remarks to the media, where he may give insight into the state of the economy and the central bank's path forward.

Markets are expecting a 90% chance that the central bank will keep rates at the current target of 5% to 5.25%, according to CME Group's FedWatch tool. This would be a reprieve from rate hikes following a streak of 10 straight increases.

Source: CNBC