Fed meeting in focus, Chinese factory data disappoints -- what's moving markets
Investing.com -- U.S. stock futures were mixed on Tuesday, with the Federal Reserve's all-important policy decision later in the week front and center. Elsewhere, economic bellwether Caterpillar (NYSE:CAT) is set to release its latest quarterly earnings, while hopes for a recovery in Chinese growth were dented by disappointing manufacturing activity data.
1. Futures mixed ahead of Fed meeting
U.S. stock futures were mixed on Tuesday, as investors geared up for the start of a two-day Federal Reserve policy meeting and digested a relief rally in the previous session.
By 05:57 ET (09:57 GMT), the Dow futures contract had added 111 points or 0.3%, S&P 500 futures had ticked up by 7 points or 0.2% and Nasdaq 100 futures were mostly unchanged.
The main indices on Wall Street closed higher on Monday, with the benchmark S&P 500 in particular notching a gain of 1.2% — its largest one-day increase since late August. The 30-stock Dow Jones Industrial Average and tech-heavy Nasdaq Composite also rose by 1.6% and 1.2%, respectively.
Despite the slight rebound from recent declines, the major averages remain on pace to finish October in the red heading into the final trading day of the month.
2. Fed meeting highlights hectic week
The Federal Open Market Committee is scheduled to kick off a two-day meeting later today, which is expected to be the centerpiece of a busy week that will also feature a bevy of corporate earnings and key economic data.
Policymakers are widely tipped to leave the Fed funds target rate unchanged at its current level of 5.25% to 5.5% on Wednesday, according to Investing.com's Fed Rate Monitor Tool. Attention will likely focus on the Fed's adjoining policy statement and comments from Fed Chair Jerome Powell, as
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