Stock futures quiet ahead of Fed policy outcome

U.S. stock futures were trading in a narrow range Wednesday ahead of the outcome of the Federal Reserve's first policy meeting under its new chief.

Dow Jones industrial average index futures rose 0.1% and Nasdaq index futures were up by a similar amount.

In Asia, Tokyo's Nikkei 225 added 0.4% at 14,462.52 and China's Shanghai composite index fell 0.2% to 2,021.73.

European shares slipped, with most regional benchmarks down around 0.5%.

The U.S. Federal Reserve is scheduled to issue a statement and hold a press conference Wednesday after the end of its two-day policy meeting. It is the central bank's first policy meeting since Janet Yellen replaced Ben Bernanke as governor.

Most analysts expect the Fed to continue to reduce its monetary stimulus at the speed it has already set, trimming its monthly bond purchases by $10 billion. It is also expected to revise its economic forecasts.

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On Tuesday, the S&P 500 index rose 13.42 points, or 0.7%, to 1,872.25. The Dow rose 88.97 points, or 0.6%, to 16,336.19. The Nasdaq composite climbed 53.36 points, or 1.3%, to 4,333.31.

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Contributing: Associated Press