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NEW YORK (CNNMoney)
U.S. stock futures were moving up by as much as 0.3%, with investors relieved that Yellen is likely to take over the top job at the central bank. She is expected to be nominated by President Obama at 3 p.m. ET.
Yellen has long been a favored candidate for the position and she shares much of current chairman Ben Bernanke's thinking on loose monetary policy.
"News that Obama is set to nominate the dovish vice-chair Janet Yellen to the top job at the Fed has seen sentiment improve, based on the prospect of policy continuity," wrote Mike van Dulken, head of research at Accendo Markets, in his daily note to clients. "It's expected that rates will stay low for longer and policy will be accommodative."
Related: Obama to nominate Janet Yellen as Fed chair
An hour before the Yellen announcement, investors will get a look at the minutes of the Federal Reserve's most recent policy meeting. The document will be closely scrutinized for clues about the central bank's plans for its bond-buying program, which has been pumping money into the markets.
Investors will also be reacting to the unofficial start of third quarter earnings season, after Alcoa (AA, Fortune 500) and Yum! Brands (YUM, Fortune 500) reported their results.
Alcoa shares rose 1.8% in after-hours trading Tuesday after the aluminum producer's earnings beat expectations. Yum! Brands (YUM, Fortune 500), meanwhile, plunged more than 7% after the restaurant operator reported weak earnings and continued problems in its China division.
Related: Fear & Greed Index
Firms including retailer Costco (COST, Fortune 500), Family Dollar (FDO, Fortune 500) and insurance firm Progressive (PGR, Fortune 500) are scheduled to report their quarterly results before the opening bell Wednesday.
U.S. stocks fell Tuesday amid continued anxiety over the debt ceiling crisis. The Nasdaq sustained the biggest hit, with major tech stocks taking a dive.
Investors and traders are getting more concerned by the day as they worry that Washington will not raise the debt ceiling next week. This could lead the government to run out of money and stop paying some of its bills on time.
Fears of a debt ceiling breach caused the yield on one-month Treasury bills to surge to its highest level since the financial crisis as investors worry about the country's ability to pay its short-term debts.
European markets were declining in morning trading, while Asian markets mostly ended with gains. Japan's benchmark Nikkei index popped up by 1%. 
First Published: October 9, 2013: 5:08 AM ET
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