MIK - Dow to Jump as Fed Meeting Gets Underway
U.S. stock index futures traded higher on Tuesday, broadly supported on expectations the Federal Reserve could strike a dovish tone at its latest monetary-policy meeting.
Futures for the Dow Jones Industrial Average sprang up 100 points, or 0.4%, at 26,065
Futures for the S&P 500 gained 10 points, or 0.4%, at 2,850.50
NASDAQ futures hiked 30 points, or 0.4%, to 7,390.75
Steelcase Inc. and The Michaels Companies Inc. are among the firms out with earnings Tuesday.
On the data front, January factory orders numbers are due at 10 a.m. ET.
The Fed is set to kick off its two-day policy meeting later in the day. Market expectations for a rate hike are at zero, with most investors pricing in no change in policy. However, investors will look for clues on the Fed's economic outlook.
The Fed is also expected to lower its interest rate forecasts — or "dot plots" — to show little or no further tightening in 2019.
Overseas, in Japan, the Nikkei 225 dipped 0.1% Tuesday, while in Hong Kong, the Hang Seng Index crept up 0.2%
Oil prices picked up 38 cents to $59.47 U.S. a barrel.
Gold prices soared $6.70 to $1,308.20 U.S. an ounce.