Dow futures rise 100 points on strong earnings

U.S. stock index futures pointed to a higher open on Wednesday, as investors parsed through another batch of major earnings while awaiting a statement by the Federal Reserve.

Dow futures rose 100 points, while S&P and Nasdaq futures gained 5.5 points and 17 points, respectively.

Boeing, Coca-Cola and Ford among the companies that reported before the bell. Whole Foods, Facebook and PayPal are some of the major names set to release earnings after the close.

On the central bank front, the Federal Open Market Committee (FOMC) is set to begin the second day of its two-day meeting on Wednesday, where the U.S. central bank is expected to continue to examine the state of the U.S. economy, and talk about what they should do next when it comes to strategy, their balance sheet and interest rates.

Daniel Acker | Bloomberg | Getty Images

The U.S. central bank is set to publish its statement at 2 p.m. ET.

On Tuesday night, a plan to repeal and replace Obamacare failed to acquire the 60 votes it needed to be approved, with only 43 voting in favor, according to Reuters. 57 voted against the measure.

In the commodities space, prices posted solid gains during trade, on expectations of a drawdown in U.S. stocks while an uptick in shale oil production showed signs of decelerating.

At 9:10 a.m. ET on Wednesday, oil prices traded higher with U.S. crude hovering around $48.35, while Brent stood around $50.52 per barrel.

In Europe, bourses were trading in the black in morning trade, while Asia-Pacific markets finished trade on a relatively mixed to positive note. In the previous session, U.S. stocks ended trade on a positive note.

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