* Fed to begin two-day meeting on Tuesday
* Apple, tech heavyweights rise premarket
* Banks up on Treasury Dept's deregulation plan
* Futures up: Dow 23 pts, S&P 4.25 pts, Nasdaq 19.25 pts
(Adds details, comments, updates prices)
By Sruthi Shankar
June 13 U.S. stocks looked set to open higher on
Tuesday as technology shares staged a recovery after a two-day
rout, while investors awaited the Federal Reserve to kick off a
meeting, where it is almost certain to raise interest rates.
Traders have priced in a 94 percent chance of the Fed
raising interest rates. Investors are also looking for more
details on the central bank's plans to trim its $4.5 trillion
The Fed is expected to release its decision at 2:00 p.m. ET
(1800 GMT) on Wednesday. Fed Chair Janet Yellen is due to hold a
press conference at 2:30 p.m. ET.
A bout of profit-taking in richly-valued technology stocks
caused the Nasdaq to suffer its worst two-day drop in more than
six months on Monday.
However, technology stocks appeared to recover on Tuesday.
Apple, which had sparked the selloff on Friday, was up
1.08 percent at $146.99 in premarket trading. Other technology
heavyweights like Microsoft, Alphabet and
Facebook were up marginally.
"It (the market) wants to wait and see if the Fed's going
to actually raise rates tomorrow and then it wants to wait and
see whether or not the tech stocks can actually rebound," said
Adam Sarhan, chief executive officer at 50 Parks Investments in
"If (the rebound) holds and the Fed does raise rates
tomorrow, it would bode very well for bulls."
At 8:23 a.m. ET, Dow e-minis were up 23 points, or
0.11 percent, with 7,192 contracts changing hands.
S&P 500 e-minis were up 4.25 points, or 0.18 percent,
with 201,462 contracts traded.
Nasdaq 100 e-minis were up 19.25 points, or 0.34
percent, on volume of 13,643 contracts.
The U.S. Treasury Department unveiled a plan on Monday to
make sweeping changes to banking regulations, a prospect that
has helped drive Wall Street to record highs.
The department proposed to reduce trading restrictions that
big banks face, ease their annual stress tests, and curb the
powers of the Consumer Financial Protection Bureau (CFPB).
Shares of big banks that stand to benefit from these
changes, including Bank of America, Goldman Sachs
and JPMorgan, were up in premarket trading on Tuesday.
Restaurant chain operator Cheesecake Factory was
down 9.2 percent at $52.98 after it warned of a decline in
comparable store sales in the current quarter.
Tesla was up 1.57 percent at $364.65 after
Berenberg raised its rating on the stock to "buy" from "hold".
Online retailer Alibaba was up 1.8 percent at
$141.6 after Raymond James raised its price target.
Shopify's U.S.-listed shares were down 1.7 percent
at $87.36 after Goldman Sachs downgraded the Canadian e-commerce
software maker's stock to "neutral" from "buy".
(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil