Wall Street Might Open Broadly Up Ahead Of FOMC Update

(RTTNews) - Economic announcement might be subdued on Tuesday as investors are waiting for quarterly update of economic and rate forecasts by Fed officials.

Early signs from the U.S. Futures Index suggest that Wall Street might open broadly up.

As of 8.20 am ET, the Dow futures were down 4.00 points, the S&P 500 futures were adding 9.75 points and the Nasdaq 100 futures were progressing 45.50 points.

The U.S. major averages finished higher on Monday. The Nasdaq jumped 207.65 points or 0.9 percent to 22,348.75 and the S&P 500 climbed 30.99 points or 0.5 percent to 6,615.28. The narrower Dow posted a more modest gain, inching up 49.23 points or 0.1 percent to 45,883.45.

The Federal Open Market Committee or FOMC meetings has started and announcement is scheduled for Wednesday.

Import and Export Prices for August will be released at 8.30 am ET. The consensus is for a decline of 0.2 percent, while it was up 0.4 percent in the prior month.

The Industrial Production for August will be issued at 9.15 am ET. The consensus is 0.0 percent, while it was down 0.1 percent in July.

The Business Inventories for July is expected at 10.00 am ET. The consensus is for an increase of 0.2 percent, while it was up 0.2 percent in the prior month.

National Association of Home Builders/Well Fargo's Housing Market Index for September will be published at 10.00 am ET. The consensus is for an increase of 33, while it was up 32 in the prior month.

Twenty-year Treasury Bond Auction will held at 1.00 pm ET.

Asian stocks rose broadly on Tuesday. China's Shanghai Composite Index finished marginally higher at 3,861.86. Hong Kong's Hang Seng Index ended little changed with a negative bias at 26,438.51.

Japanese markets eked out modest gains. The Nikkei 225 Index gained 0.3 percent to close at 44,902.07, while the broader Topix Index settled 0.3 percent higher at 3,168.36.

Australian markets ended modestly higher. The benchmark S&P/ASX200 Index rose 0.3 percent to 8,877.70, while the broader All Ordinaries Index closed up 0.3 percent at 9,151.20.