U.S. stocks set to open higher with fresh earnings reports on tap; Fed awaited

U.S. stocks set to open higher with fresh earnings reports on tap; Fed awaited

28 July 2015, 11:46
News
0
810

Wall Street is expected to break a five-session row of losses on Tuesday, shrugging off China’s continuing fall, as market players now concentrate on the Federal Reserve meeting on Wednesday, with a statement due at 2 p.m.

Futures for the Dow Jones Industrial Average added 64 points, or 0.4%, to 17,460, while those for the S&P 500 index added 8.60 points, or 0.4%, to 2,073. Futures for the Nasdaq 100 index added 13.50 points, or 0.3%, to 4,536.25.

The gains came after all three averages closed firmly lower on Monday, due to a global selloff that was spurred by a grinding drop in Chinese equities.

On Monday the Shanghai Composite Index lost 8.5% - the largest one-day loss in eight years.

The Chinese benchmark continued its decline on Tuesday, although the daily loss was smaller at 1.7%.

The FOMC meeting which will begin later today and finish with a statement on Wednesday is highly anticipated.

Fed Chair Janet Yellen has previously hinted that a rate liftoff is likely to take place at the end of the year, possibly as early as September. However, expectations for a September move have faded recently, partly because of the market turmoil in China and a slide in oil prices.

Meanwhile, market players will also await other data.

Consumer-confidence numbers for July are due at 10 a.m. Eastern Time.

At 9 a.m. Eastern, the Case-Shiller home-price index for May will be out, followed by the Markit services purchasing-managers index for July at 9:45 a.m. Eastern.

The Richmond Fed business activity survey for July comes out at 10 a.m. Eastern.

Earnings from Ford Motor Co. and Pfizer Inc., among others, were also in focus.

Share it with friends: