U.S. stock futures were higher Wednesday morning, ahead of several economic reports and the Federal Reserve's policy statement on interest rates. While trading might be affected by the upcoming economic data, the real test will be in early afternoon, when Fed chairman Bernanke will read the policy statement. Some on Wall Street believe a strong statement could help markets recover.

U.S. stocks ended lower on Tuesday, as markets just couldn't pull it together ahead of the Federal Reserve rate decision. Combine that with worries over the economy, oil, struggling financials and the the Dow industrials fell another 34 points, or 0.29%, the Nasdaq Composite 17 points, 0.73%, and the S&P 500 3 points, or 0.28%.

At 8:30 a.m. EDT, the first economic reading of the day will be reported -- May durable goods orders. At 10:00 a.m., May statistics for new home sales is due out. Neither are likely to show any improvement in their respective sectors.

Then, at 10:30 a.m., weekly crude inventories will be released. Lately, this statistic has affected oil prices more than it once did. While the report may show diminishing supplies, it could also show lessened demand.

The biggest event of the day will then come at 2:15 p.m. EDT, when Bernanke will read the Fed's policy statement. No action on interest rate is expected, but a shift in focus where the Fed considers inflation as a risk to the economy rather than slow growth. This could be a signal for future rate hikes.