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US pre-open: Stocks to edge up as Fed meeting kicks off
(Sharecast News) - US stock futures pointed to a slightly firmer open on Wall Street on Tuesday as investors eyed the start of the Federal Reserve's policy meeting.
At 1210 GMT, Dow Jones Industrial Average and S&P 500 futures were up 0.2%, while Nasdaq futures were 0.1% higher.
Investors will be mulling the latest data from China's National Bureau of Statistics, which showed the manufacturing sector unexpectedly contracted in October.
The manufacturing purchasing managers' index fell to 49.5 from 50.2 in September, coming in below the 50 mark that separates contraction from expansion and missing expectations for a reading of 50.2.
The non-manufacturing PMI declined to 50.6 in October from 51.7 from in September.
The latest policy announcement from the Bank of Japan was also in focus, as it announced a tweak to its yield curve control, saying it would allow yields on the 10-year government bond to rise above 1%.
The BoJ left short- and long-term policy rates unchanged at -0.1% and around 0% respectively. However, it said the 1% upper bound of the 10-year Japanese Government Bond (JGB) would now be regarded as a "reference".
The move was approved 8-1 by the board, with only Toyoaki Nakamura dissenting.
On home turf, the Fed will kick off its two-day monetary policy meeting on Tuesday, amid expectations interest rates will be left unchanged on Wednesday.
On the macro front, S&P Case-Shiller house price figures for August are due at 1300 GMT. The Chicago PMI for October is at 1345 GMT and consumer confidence is at 1400 GMT.
In corporate news, Pinterest surged 16% in pre-market trade as its third-quarter revenue and profits beat expectations.
Caterpillar was also likely to be in focus as it posted a jump in third-quarter profit amid solid demand for its high-end construction equipment in North America. The shares were down nearly 5% pre-market, however.
Elsewhere, JetBlue Airways tanked as it cautioned that fourth-quarter losses would be wider than expected.
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