Stock futures moved slightly higher Wednesday morning as investors monitored developments in the escalating conflict in the Middle East and awaited the Federal Reserve's decision on interest rates.

Investors continue to absorb heightened Middle East tensions and the Federal Reserve will give its monetary policy update at 2 p.m. Eastern time.

Wall Street trades in the red on Tuesday, weighed down by ongoing geopolitical tensions and weaker-than-expected U.S. retail data. The Israel-Iran conflict entered its fifth day, adding to market unease,

The Dow Jones Industrial Average ended Wednesday (June 18) modestly lower following the Federal Reserve’s latest policy update, where the central bank kept interest rates steady and Chair Jerome Powell signaled it would wait to see the impact of President Donald Trump’s tariffs on inflation before proceeding on rates.

Investors are looking ahead to Wednesday’s release of the Fed’s Summary of Economic Projections, which should shed light on the path ahead for monetary policy.