(Bloomberg) — U.S. equity-index futures advanced, helped by a late rally in Alphabet Inc. and Asian stocks heading for bull-market territory, ahead of a policy decision by the Federal Reserve.

Contracts on the S&P 500 Index climbed 1{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} as of 2:45 p.m. in Tokyo, while futures advanced 1.3{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} on the Nasdaq 100 Index and 0.9{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} on the Dow Jones Industrial Average. Alphabet shares surged in after-hours trading after the company reported first-quarter revenue that beat analyst expectations. Investors also were cheered by a rebound in oil.

The MSCI Asia Pacific Index rose 0.7{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811}, pushing its rebound from a March 23 low to more than 20{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811}. The Asian benchmark was set to join peers in the U.S., Europe, Southeast Asia and Latin America in entering a technical bull market, even as global equities continue to dig their way out from last month’s coronavirus-led sell-off.

The U.S. central bank’s two-dayFederal Open Market Committee meeting concludes Wednesday. Federal Reserve Chair Jerome Powell is seen facing a big decision about giving more guidance on the future path of interest rates.

“Traders are expecting a significant rewrite in today’s FOMC policy statement when the Fed will, in unambiguous terms, send clear messaging that extraordinary policy settings will remain in place for as long as it takes,” Stephen Innes, chief global market strategist at AxiCorp, wrote in a note.

The Nasdaq Composite Index snapped a two-day gain Tuesday, pulled down by Facebook Inc., Amazon.com Inc. and Netflix Inc. as data showed U.S. consumer confidence dropped in April to the lowest since 2014. The S&P 500 fell 0.5{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811}, even as most stocks rose.

Investors will look for further cues Wednesday in results due from Facebook and Microsoft Corp. First-quarter gross domestic product data is also due to be reported, and is expected to show a 3.8{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} contraction, ending the longest U.S. economic expansion on record. Markets may shrug off any bad news amid Fed support, but Jeffrey Halley, a senior market analyst at Oanda Asia Pacific, cautions not to get too excited.

“Investors should be clear in differentiating central bank largesse back-stopping investment decisions, from economic reality. Reality usually wins in the end,” he said. “Still, that does not mean that momentum will fade anytime soon.”

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U.S. Index Futures Jump as Asia Stocks in Bull Zone Ahead of Fed