US futures post modest gains ahead of Fed meeting kickoff

US futures post modest gains ahead of Fed meeting kickoff
US futures post modest gains ahead of Fed meeting kickoff

U.S. stock index futures pointed to a slightly higher open on Tuesday, ahead of several economic data releases and the start of a two-day policy meeting by the U.S. Federal Open Market Committee (FOMC).

In the previous session, U.S. equities closed in the black, bouncing back from earlier weakness seen when news emerged that a terror incident had happened near New York City's Times Square. A low tech device exploded at New York's Port Authority, which injured four people, including the suspect who was taken into custody.

On the data front, the National Federation of Independent Business (NFIB) survey is expected to come out at 6 a.m. ET. Then followed by producer price index (PPI) data, slated to come out at 8:30 a.m. ET, and the Monthly Treasury Statement — due out at 2 p.m. ET. In earnings, MongoDB and VeriFone are expected to report after the bell.

Meantime, the FOMC will begin the first day of its two-day monetary policy meeting. The central bankers are expected to deliver a decision on interest rates at the end of the two-day event on Wednesday, where investors expect the Federal Reserve to raise rates for one more time this year.

In October, Fed minutes showed that a rate hike was all but certain during this holiday month, despite the low level of inflation. The Fed could also deliver its own thoughts on the state of the tax bill during the meeting.

CNBC

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