U.S. stock index futures edged lower on Wednesday, following the gains made in the previous session, as investors awaited signals from the Federal Reserve regarding the direction of interest rates. As of 06:00 ET (10:00 GMT), Dow Jones Futures dropped by 42 points, or 0.1%, while S&P 500 Futures and Nasdaq 100 Futures also posted slight declines, falling by 7 points (0.1%) and 40 points (0.2%), respectively.

The market experienced gains on Tuesday, driven primarily by technology stocks. Leading the charge was Nvidia (NASDAQ: NVDA), which surged by 4%. Overall, the S&P 500 closed 1% higher, while the tech-heavy NASDAQ Composite jumped 1.4%. The Dow Jones Industrial Average recorded a more modest gain of 0.3%.

Attention now turns to the Federal Reserve's minutes from its September meeting, which are due later in the day. Investors are particularly focused on gathering more information about the central bank's plans for future rate cuts. Doubts are growing over how much the Fed will lower rates in the coming months, especially after last week’s robust payroll data. This data has sparked speculation that the Fed may not cut rates as aggressively as previously thought. According to CME’s Fedwatch tool, traders are pricing in an 81.1% chance of a 25 basis point rate reduction in November and an 18.9% chance that rates will remain unchanged.

The Fed cut rates by 50 basis points in September, but officials have maintained that future moves will depend heavily on inflation and the performance of the labor market. With the consumer price index (CPI) for September set to be released on Thursday, markets are eagerly awaiting further clues on the Fed's trajectory.

Meanwhile, Google’s parent company Alphabet (NASDAQ: GOOG) is facing a potential breakup. The U.S. Department of Justice (DOJ) is reportedly considering antitrust sanctions following a landmark case that found Google guilty of abusing its dominant position in the market. According to a federal court filing on Tuesday, the DOJ is mulling "behavioral and structural remedies," which may prevent Google from using products like its web browser, app store, or operating system to unfairly favor its search business. The DOJ emphasized that for over a decade, Google has controlled the most popular distribution channels, leaving little room for competitors.

Elsewhere, Rio Tinto (NYSE: RIO) announced its agreement to acquire U.S. peer Arcadium Lithium (NYSE: ALTM) in a $6.7 billion all-cash deal. The acquisition is expected to strengthen Rio Tinto’s position in the lithium market, a key resource for electric vehicle production.

In the energy sector, crude oil prices rebounded on Wednesday, recovering some of the steep losses from the previous session. By 06:00 ET, the Brent contract was up 0.8% at $77.83 per barrel, while U.S. crude futures (WTI) climbed 0.8% to $74.12 per barrel. Both contracts had tumbled by more than 4% on Tuesday, driven by disappointment over the lack of new fiscal stimulus measures from China, the world’s largest oil importer.

The oil market was further rattled by a significant rise in U.S. crude inventories, according to the American Petroleum Institute (API). Data released on Tuesday showed that U.S. oil inventories grew by 10.9 million barrels last week, far exceeding expectations for a 1.95 million barrel increase. Investors are now awaiting official data from the Energy Information Administration (EIA), which could provide further insights into U.S. fuel demand, particularly as Florida and other southern states grapple with a series of devastating hurricanes.

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As markets prepare for more signals from the Federal Reserve and key economic data, including the upcoming consumer price index, investors should keep an eye on how these events could impact U.S. stocks, interest rates, and global oil prices in the days ahead.