U.S. stock futures are higher in premarket trading as oil prices dipped and traders awaited the Federal Reserve’s rate policy decision. The moves come a day after the major stock averages shrugged off a rise in oil prices. The four major averages each closed higher on Tuesday and are extending this week’s gains.

Investors are now focused on the Fed’s interest rate decision this afternoon. Markets are expecting the central bank to keep interest rates unchanged in a range between 3.5% to 3.75%. Traders will be watching for any commentary from Fed Chair Jerome Powell around the impact of higher oil prices on future data and monetary policy. Traders will also look to Micron (MU) earnings after the close with the stock up 350% over the last year to record highs.

• Oil (/CL) – Oil prices are down over 1% near $94 a barrel despite escalating attacks on the United Arab Emirates’ energy infrastructure, as rising U.S. crude inventories helped offset rising geopolitical risk premiums. Market sources, citing data from the American Petroleum Institute, told Reuters that U.S. crude stocks rose by 6.56 million barrels in the week ended March 13, well above the 380,000 additional barrels expected in a Reuters poll for the same period.

• Gold (/GC) – Gold prices are down 1.3% near $4,940, as market participants monitor the intensifying Iran conflict and await the U.S. Federal Reserve’s upcoming policy decision.

• Bitcoin (/BTC) – The Crypto Future is down about 2% near 73,000 in premarket trading.

• VIX – The CBOE Volatility Index was down 4.8% on Tuesday and settled at 22.37 as stocks were modestly higher. It was the lowest closing price for the VIX in two weeks.

• U.S. Dollar (/DX) – The dollar is flat at 99.3.

• Rothschild & Co. Redburn upgrades Block (XYZ) to Neutral from Sell

• Citi upgrades Constellation Brands (STZ) to Buy from Neutral

• UBS upgrades LyondellBasell (LYB) to Neutral from Sell

• RBC Capital downgrades Starbucks (SBUX) to Sector Perform from Outperform

• Stifel downgrades The Trade Desk (TTD) to Hold from Buy

• Mizuho downgrades CF Industries (CF) to Underperform from Neutral

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