US equity futures were mostly flat pre-bell Wednesday as traders awaited the Federal Reserve's policy-setting meeting minutes for further insights on the central bank's rate outlook.

Dow Jones Industrial Average futures were 0.1% higher, S&P 500 futures were flat, and Nasdaq futures were 0.2% lower.

The minutes of the Federal Reserve meeting held July 28 to July 29 are scheduled to be released 2 pm ET.

President Donald Trump said late Tuesday that the US is not in any current or scheduled talks with Iran. In a post on Truth Social, Trump also reiterated that the Strait of Hormuz is "open and operating," with all mines having been removed or detonated.

The UAE has halted trade with Iran after accusing Iran of firing two ballistics missiles towards its territory, which fell into the sea. Iran has denied the allegations, according to multiple reports.

Traders digested the latest round of earnings, with Analog Devices (ADI) reporting higher fiscal Q3 adjusted earnings and revenue.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.9% at $91.80 per barrel and US West Texas Intermediate crude 1% higher at $84.89 per barrel.

The Atlanta Fed Business Inflation Expectations survey for August is expected at 10 am ET.