Dow Jones Industrial Average futures gained 51 points, or 0.14 per cent, while S&P 500 futures and Nasdaq 100 futures jumped 0.14 per cent and 0.18 per cent, respectively

U.S. stock futures rose Tuesday night as investors await the Fed’s latest policy decision.

Dow Jones Industrial Average futures gained 51 points, or 0.14 per cent. S&P 500 futures and Nasdaq 100 futures jumped 0.14 per cent and 0.18 per cent, respectively.

Investors are coming off a fourth successive positive session for the major averages. During the regular session Tuesday, the S&P 500 advanced 0.46 per cent and the Dow gained 0.48 per cent. Both indexes reached their highest intraday levels since January 2022. The Nasdaq Composite, which hit its highest level since April 2022, ended with a 0.7 per cent rise.

Those gains come as traders prepare for the conclusion of the final Fed meeting of 2023. The central bank is widely expected to hold the benchmark overnight borrowing rate steady in the 5.25 per cent to 5.5 per cent range, but investors will also parse through Fed Chair Jerome Powell’s commentary for hints into how soon rate cuts can be expected. As it is, the CME FedWatch Tool shows markets are pricing in odds of rate cuts beginning next spring.

But that is a scenario Powell may choose to push back on, particularly as yields come off their highs and do less of the Fed’s work to cool the economy. The 10-year Treasury yield last stayed near 4.2 per cent, despite topping 5 per cent in October.

Investors will also keep an eye on the November PPI, set for release 1:30 pm GMT on Wednesday ahead of the Fed decision. Economists polled by Dow Jones expect an increase of 0.1 per cent, up from a 0.5 per cent drop the previous month. Excluding food and energy, it is anticipated to have increased 0.2 per cent, up from a flat reading the previous month.