Federal Reserve's key interest rate decision is expected to drive stock futures today.

BY THE NUMBERS

The Federal Reserve is expected to raise interest rates, but unique challenges could slow its pace. U.S. stock futures were firmly in the green Wednesday, as investors awaited the key interest rate decision by the Federal Reserve later in the day. Dow futures implied an opening gain of roughly 280 points, while S&P 500 and Nasdaq futures were higher by around 0.9% and 1.4%, respectively. The 10-year Treasury yield topped 2.16% ahead of the Fed decision.

Wall Street aims to build on Tuesday's gains, with the S&P 500 jumping 2.1% and the Nasdaq advancing 2.9%. Both indexes are seeking their first back-to-back positive sessions since February 24-25. The Dow gained 599 points, or 1.8%, on Tuesday. Meanwhile, Hong Kong's Hang Seng index surged 9%, its best day since October 2008, as Tencent and Alibaba jumped more than 23%. (Source: CNBC)

In February, retail sales grew by 0.3%, which was below the estimated 0.4% growth by Dow Jones and significantly lower than January's figures, according to the Commerce Department. Meanwhile, the Labor Department reported a 1.4% increase in import prices in February, which was lower than the predicted 1.6% rise. (Source: CNBC)

Mortgage demand decreases as interest rates reach multiyear highs, according to CNBC.

The Energy Department releases its weekly assessment of oil and gasoline inventories at 10:30 a.m. ET, while January business inventories are expected to increase by 1.1% after rising 2.1% in December.

On Wednesday morning, Lands' End (LE), Jabil (JBL) and Shoe Carnival (SCVL) were among the companies that reported their quarterly results. Meanwhile, Guess (GES), Williams-Sonoma (WSM) and Lennar (LEN) are set to release their earnings reports after the closing bell.

IN THE NEWS

Ukrainian President Volodymyr Zelenskyy stated that a potential agreement to end the war with Russia is becoming more feasible as negotiations with Moscow continue. However, Zelenskyy emphasized that time is still required for the decisions to be in Ukraine's best interests. (AP) * Zelenskyy addresses Congress, pleads for help (NBC News) * Biden administration considers providing Ukraine with deadly drones called Switchblades (AP)

The Russian invasion of Ukraine is in its fourth week, and its attacks on its neighbor are expanding. For the first time, local officials in Zaporizhzhia reported that civilian infrastructure in the city had been targeted. Additionally, residential buildings in Kyiv were under fire again on Wednesday. (Source: CNBC)

Starbucks (SBUX) announced that CEO Kevin Johnson will retire after five years in the role, and Howard Schultz will return to the job on an interim basis until a permanent successor is named. Schultz has led the coffee giant twice before, most recently from 2008 to 2017. Starbucks shares were up by more than 5% in premarket trading.

Sarah Bloom Raskin has withdrawn her candidacy to become the Federal Reserve's vice chair for supervision, a crucial regulatory position for the banking industry. Since President Joe Biden nominated her for the role, Raskin's views on climate policy have become a contentious issue, and her confirmation became nearly impossible after Sen. Joe Manchin, D-W.Va., declared his opposition. (CNBC)

BioNTech and its German partner have requested the FDA to approve a booster shot of their coronavirus vaccine for Americans aged 65 and above. In their application, the vaccine makers presented data from Israel that indicates that a second Covid booster dose given at least four months after the initial shot provides better protection against the disease. (NBC News)

STOCKS TO WATCH

Pfizer and BioNTech have requested FDA approval for a second booster dose of their Covid-19 vaccine, which could be made available for an autumn vaccination campaign.

FC Barcelona has signed a stadium and shift sponsorship deal with Spotify (SPOT) for the next four seasons, with the Spotify brand appearing on uniform shirts.

The four Chinese companies, Didi Global (DIDI), Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD), are experiencing strong rallies in premarket trading as they attempt to recover from sell-offs caused by concerns about China's Covid-19 outbreak and U.S. delisting fears.

The $8.6 billion deal by NortonLifeLock (NLOK) to acquire British cybersecurity competitor Avast may face a thorough investigation by UK regulators due to competitive concerns. NortonLifeLock stated that it has no plans to submit any potential solutions to address these concerns.

Deutsche Bank upgraded Novo Nordisk (NVO) to buy from hold and raised its price target, resulting in a gain in premarket trading.

Despite an upbeat quarterly report that saw Shoe Carnival (SCVL) beat estimates on both the top and bottom lines, its stock slid 3.3% in the premarket. The shoe retailer issued a full-year revenue and profit forecast range that was largely, but not completely, above current Street forecasts. Additionally, Shoe Carnival announced a 29% dividend increase.

Lands' End (LE) missed estimates by 10 cents with quarterly earnings of 21 cents per share, and revenue also fell short of Street forecasts. The apparel retailer also gave a weaker-than-expected forecast as it faces increasing costs and continued supply chain challenges. As a result, Lands' End tumbled 9.5% in premarket trading.