(Reuters) – U.S. stock futures rose Wednesday due to positive earnings updates by companies like Starbucks and Advanced Micro Devices. (NASDAQ:). The Federal Reserve is likely to increase interest rates for the first time since May 2000.

Advanced Micro Devices Inc rose 6% in premarket trading after the chipmaker forecast stronger-than-expected full-year and second-quarter revenue.

Rival Nvidia Corp was added 1.8%

Starbucks Corp The stock gained 5.9% following a positive quarter for the coffee chain.

Traders have priced in the expectation of a Fed rate hike of 50 basis points, and an announcement that the Fed will begin reducing its $9 trillion debt. This statement is expected to be released at the conclusion of Fed’s two-day policy meeting. ET (1800 GMT).

For fresh insight into how far the U.S. central banks are willing to go to lower high inflation, watch out for Fed Chair Jerome Powell at his news conference.

Wall Street is being hit by worries about economic growth from a Fed too cautious, mixed earnings of large growth companies, conflict in Ukraine, and lockdowns related to pandemics in China. It has seen Wall Street suffer recently with a lot of sell-off in highly-valued growth stocks.

According to the American Association of Individual Investors, the level of bearish sentiment (or the expectation that stock prices would fall in six months) rose dramatically to 59.4% during the most recent survey. This level of bearishness was last seen in March 2009 when there were financial crises.

At 6:48 AM. ET was up 119 points or 0.36%. ET was up 16.75 point, or 0.4%. ET was up 40.25points, or0.31%.

It is now the first quarter reporting season. Based on Refinitiv estimates, 81% of 329 companies that reported earnings Tuesday had exceeded analysts expectations.

The stock price of Livent (NYSE) Corp rose 21.6% following a stronger-than-expected fourth quarter profit. It also increased its 2022 revenue outlook due to a greater demand for lithium, which is used in electric vehicles batteries.

Airbnb Inc rose 4.6% following the company’s optimistic second quarter revenue projections. The vacation rental business is betting that there will be strong summer travel, buoyed by a rising demand after COVID-19 restrictions were lifted globally.

Wells Fargo The stock exchange (NYSE:) gained 1%, leading gains for the major banks.

Data-wise, ADP private payrolls for April and ISM non manufacturing activity are due to be available later in the day.