S&P 500 and Nasdaq futures edged up on Wednesday as investors braced for fresh economic data, a Fed policy decision and earnings reports from Wall Street's tech heavyweights.

At 06:58 a.m. ET, S&P 500 E-minis were up 7.75 points, or 0.12%, Nasdaq 100 E-minis were up 53 points, or 0.23%, Dow E-minis were up 18 points, or 0.04% 

The S&P 500 and the Nasdaq snapped their record run on Tuesday due to disappointing results from Dow components UnitedHealth and Merck.

With Wall Street's megacap giants set to unveil their earnings, investors are expecting markets to hit new highs after Microsoft and Meta Platforms report after the bell. Amazon and Apple, which are reporting on Thursday, are also in focus.

Shares of Starbucks jumped 4.5% in premarket trading after the coffee chain operator reported a higher-than-expected revenue jump in the third quarter.

Global payments processing company Visa fell 1.7%, despite beating estimates for third-quarter earnings, as it kept its annual net revenue growth forecast unchanged.

A wave of key economic data, including an early reading of second-quarter GDP at 8:30 a.m. and July private payrolls, will offer fresh insight into the economy's strength and the resilience of the labor market amid ongoing trade tensions.

Economists polled by Reuters expect GDP to have rebounded at a 2.4% annualized pace, following a 0.5% decline last quarter.

Investors will also closely monitor the interest rate decision from the Federal Reserve, which is widely expected to hold rate steady.

While analysts anticipate little drama from the announcement itself, investors will be parsing Chair Jerome Powell's comments for any hints on future policy direction, especially as the Fed navigates political pressure and assesses the effects of tariffs on inflation.

"Based on the stronger data two weeks ago and with two more prints to come before the September meeting, we see no compelling reason why chair Powell would change his tune at today's press conference," said Kenneth Broux, head of corporate research, FX and rates at Societe Generale.

Meanwhile, two days of U.S.-China negotiations ended in both sides agreeing to seek an extension of their 90-day tariff truce, which expires on August 12. U.S. officials said it would be up to President Donald Trump to approve the extension.

South Korea was also lobbying to secure a trade deal ahead of Trump's August 1 deadline as its officials met U.S. Commerce Secretary Howard Lutnick in Washington.

The European Union on Sunday joined the list of U.S. trading partners that have struck agreements with Washington. Its framework deal with the U.S. halved import duties to 15% for the bloc.

Among other earnings moves, Humana and GE HealthCare gained 8.3% and 1.3%, respectively, after the companies raised their annual profit forecasts.

(Reporting by Nikhil Sharma and Pranav Kashyap in Bengaluru; Editing by Shinjini Ganguli)