• Stock futures were higher after Trump officials announced they will meet with their Chinese counterparts to discuss trade this weekend.
• Disney beat top- and bottom-line expectations for its second quarter.
• The Federal Reserve will announce its highly anticipated interest rate decision Wednesday afternoon.

Here are five key things investors need to know to start the trading day:

1. Keeping hope alive

Investors hoping for clarity on the progress of trade deals remained unsatisfied during Tuesday's session, as shaky commentary out of the White House dragged all three major averages lower for a second straight day. The Dow Jones Industrial Average shed 389.83 points, or 0.95%, while the S&P 500 fell 0.77% and the Nasdaq Composite dropped 0.87%. But stock futures were higher Wednesday morning following an announcement that U.S. and Chinese officials would meet this week to discuss trade — what could be a major step toward easing the trade war sparked by President Donald Trump's tariffs. Traders also have their eyes on the Federal Reserve, which is set to announce its monetary policy decision in the afternoon. Follow live market updates.

2. Deal or no deal?

Treasury Secretary Scott Bessent and U.S. trade representative Jamieson Greer will meet with their Chinese counterparts in Switzerland this weekend to discuss trade and economic matters, their offices announced Tuesday evening. "My sense is that this will be about de-escalation, not about the big trade deal," Bessent told Fox News. "But we've got to de-escalate, before we can move forward." The announcement came after Trump said in a meeting with Canadian Prime Minister Mark Carney that "we don't have to sign deals" with trading partners, "they have to sign deals with us." The comment was surprising, given that the president and his aides have said trade deals are the administration's top priority. U.S. tariffs on China currently stand at 145% after Trump hiked the rate in response to Beijing's own retaliatory tariffs.

3. Bookings and benefits

Uber reported mixed results for its first quarter Wednesday, beating earnings expectations but falling short on revenue. The ride-sharing company reported $11.53 billion in revenue for the period — a 14% increase from the first quarter in 2024 but still below the $11.62 billion analysts expected. Bookings for Uber's ride-hailing and delivery businesses increased year-over-year, with an 18% increase in trips during the first quarter. Uber, last week, told employees that they will soon have to come into the office three days a week, and that it is raising the eligibility requirement for its one-month sabbatical benefit to eight years. In a heated all-hands meeting after announcing the changes, CEO Dara Khosrowshahi told employees "it is what it is" and that the benefit adjustments are a "a risk [they] decided to take," CNBC reported.

4. Maintaining the magic

Shares of Disney rose more than 6% before the bell Wednesday after the company beat top- and bottom-line expectations for its second quarter. Subscriber growth for Disney+ was better than expected during the period, helping to boost the company's results: The streaming platform saw a 1.4 million increase in subscribers, even after Disney previously said it expected subscribers to decline during the quarter. The company posted revenue growth in all three of its business segments, with revenue for its direct-to-consumer business rising 8% year-over-year to $6.12 billion. Disney also hiked some of its fiscal 2025 guidance and announced plans for a new theme park and resort in Abu Dhabi.

5. Sit and wait

The Federal Reserve will announce its highly anticipated interest rate decision Wednesday afternoon. Futures market pricing implies almost no chance that the central bank will cut rates this week, though respondents to the May CNBC Fed Survey still believe the Fed will cut rates this year and next. The Fed will not update its economic projections nor "dot-plot" at this week's meeting, meaning investors will have just two places to try to glean officials' thinking: the post-meeting statement and chair Jerome Powell's news conference. As officials weigh trade policy uncertainty and mixed economic signals, the central bank's chief is "going to have to say everything's on the table," economist and Fed veteran Vincent Reinhart said. "He always says it, but this time, he's going to have to mean it."

— CNBC's Pia Singh, Hakyung Kim, Alex Harring, Kevin Breuninger, Erin Doherty, Lora Kolodny, Jennifer Elias, Sarah Whitten and Jeff Cox contributed to this report.