New Delhi, June 17 -- Major US stock indices edged higher on Wednesday as investors awaited the Federal Reserve's interest rate announcement scheduled for later in the day.

At around 10:15 a.m. Eastern Time, the S&P 500 gained 0.2%, while the Dow Jones Industrial Average advanced 0.5%. The Nasdaq Composite also rose 0.2%.

Market participants are closely watching the Fed's first monetary policy decision under Chair Kevin Warsh, which is due at 2:00 p.m. ET.

The central bank is broadly expected to leave its benchmark interest rate unchanged in the 3.50%-3.75% range as officials continue to assess inflation risks stemming from elevated oil prices amid ongoing tensions in the Middle East.

On the economic front, data released on Wednesday ...