Fed meeting to begin, Instacart's IPO pricing - what's moving markets

investing.com:

Investing.com -- U.S. futures point higher, with markets almost certain that Federal Reserve policymakers will hold interest rates steady following a much-anticipated policy-setting meeting that starts on Tuesday. Elsewhere, Instacart shares are set to begin trading in New York after the online grocery delivery service priced its initial public offering at the top-end of its target range, while the United Auto Workers union warns of further U.S. plant closures if fraught negotiations with three major carmakers show no signs of progress.

1. Futures edge higher ahead of Fed meeting

U.S. stock futures held above the flatline, as investors looked ahead to the beginning of a two-day Federal Reserve policy meeting on Tuesday.

At 05:22 ET (09:22 GMT), the Dow futures contract had added 20 points or 0.1%, S&P futures inched up by 3 points or 0.1%, and Nasdaq 100 futures were mostly unchanged.

The main indices on Wall Street posted positive sessions on Monday, buoyed by a fresh jump in oil prices that bolstered shares in energy companies like ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX). A move earlier this month by Saudi Arabia and Russia to extend production cuts has recently pushed up crude prices to multi-month highs.

Chipmakers, however, remained under pressure after Taiwan's TSMC reportedly asked its main suppliers to delay the delivery of top-end manufacturing equipment. British semiconductor designer Arm (NASDAQ:ARM), which last week completed the biggest initial public offering in nearly two years, saw its shares slip by 4.5% in New York, as traders fretted over broader economic uncertainty.

2. Fed gathering in focus

The Federal Reserve is widely tipped to keep interest rates unchanged after policymakers wrap up their