09:09 AM EST, 12/18/2024 (MT Newswires) -- US equity futures posted narrow gains before Wednesday's opening bell as traders looked ahead to the Federal Reserve's interest rate decision.

Dow Jones Industrial Average futures gained 0.4%, S&P 500 futures increased 0.2% and Nasdaq futures were up 0.1%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.7% at $73.73 per barrel and US West Texas Intermediate crude 0.9% higher at $70.25 per barrel.

US housing starts dropped to an 1.289 million annual rate in November from a 1.312 million rate in the prior month, compared with estimates compiled by Bloomberg for a jump to 1.34 million. Permits, on the other hand, rose to 1.505 million for the month from 1.419 million previously, compared with estimates for a smaller increase to 1.43 million.

The Federal Open Market Committee is scheduled to release a policy statement at 2 pm ET. Forecasters are expecting a 25-basis-point cut in the target band for the Federal Funds rate.

In other world markets, Japan's Nikkei closed 0.7% lower, Hong Kong's Hang Seng closed 0.8% higher, and China's Shanghai Composite ended 0.6% higher. Meanwhile, UK's FTSE 100 gained 0.1%, and German's DAX index increased 0.1%, Fance's CAC 40 gained 0.06% and Spain's IBEX 35 gained 0.3% in Europe's early afternoon session.

In equities, shares of AstraZeneca ( AZN ) were 1.9% lower pre-bell following a media report that the drugmaker's sales in China have been hurt following the arrest of its country president and other executives.

On the winning side, Jabil ( JBL ) shares rose nearly 11% after the company reported fiscal Q1 revenue that topped analysts' estimates.