Stock Market Today: Dow, S&P 500 and Nasdaq set to rise ahead of Fed rate decision

How are stock-index futures trading:

S&P 500 futures are up 0.2%.

Dow Jones Industrial Average futures are up 0.2%.

Nasdaq 100 futures are up 0.4%.

U.S. stocks are set to climb ahead of the Federal Reserve's next interest-rate decision, scheduled to be released at 2 p.m. Eastern.

Markets have priced in a 93% chance of the central bank raising rates by one-quarter point, according to FedWatch. It would mark the Fed's first hike since 2023.

"What matters is not just whether the Fed hikes, but whether the bond market believes the move is enough," Patrick Munnelly, market strategist at Tickmill Group, wrote in a Wednesday note. "For traders, the key question is whether [Fed Chair Kevin] Warsh can deliver a hawkish hike without reviving disorderly bond selling or crushing risk appetite."

The yield on the 10-year Treasury is currently right at the 5% mark, while the 30-year's yield is at 5.367%.

Investors will also be keeping an eye on August's retail sales and import price data, due to be published at 8:30 a.m. And at 10 a.m., September's NAHB housing market index will come out.