Stocks in Fed Suspense

Markets around the world are sinking slightly as investors contemplate a possible upcoming U.S. interest rate hike.

U.S. stock futures are slipping a tad, alongside European markets.

Ahead of the opening bell, futures for the Dow Jones Industrials chucked 12 points or 0.1%, to 18,512, while futures for the S&P 500 eked up 0.25 points at 2,177. NASDAQ futures added five points, or 0.1%, to 4,803.50

Cisco is in focus following a report that the company is set to layoff 14,000 workers, or roughly 20% of its staff. Cisco said the claim was a "rumour" and noted that its next quarterly earnings will be out after markets close this afternoon.

Barnes & Noble is raising eyebrows on Wall Street after it ousted its CEO.

Shares in Urban Outfitters look set to surge at the open after the retailer posted better-than-expected quarterly earnings on Tuesday afternoon.

Lowe's, Target and Staples are among the key companies reporting results ahead of the open.

After the close, investors will hear from Cisco and L Brands -- which owns Bath & Body Works and Victoria's Secret.

The U.S. Energy Information Administration is reporting weekly crude oil inventory data at 10:30 a.m. ET.

At 2 p.m. ET, the minutes from the Federal Reserve's latest policy-setting meeting will be released. Investors will be looking for further signs of the Fed's plans for interest rates.

Asian markets closed the day with mixed results.

Oil prices subtracted 14 cents to $46.44 U.S. a barrel

Gold prices docked eight dollars at $1,348.90 U.S. an ounce.