08:14 AM EDT, 07/31/2024 (MT Newswires) -- US equity futures were higher pre-bell Wednesday as traders looked ahead to the Federal Reserve's monetary policy decision.

The Dow Jones Industrial Average futures gained 0.1%, S&P 500 futures increased 1%, and Nasdaq futures were up 1.6%.

The policy-setting Federal Open Market Committee is scheduled to release a policy statement at 2 pm ET.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 3.1% at $80.40 per barrel and US West Texas Intermediate crude 3.5% higher at $77.36 per barrel.

Private payrolls based on ADP Institute's employment report, scheduled for release at 8:15 am ET, are seen rising by 147,000 in July versus June's 150,000 gain, according to estimates compiled by Bloomberg.

The Employment Cost index, due at 8:30 am ET, is seen coming in at a 1% increase in Q2 versus Q1's 1.2% gain.

The Pending Home Sales index, slated for 10 am ET, is expected to rebound by 1.4% in June following a 2.1% drop in May.