* Oil prices jump as much as 6.5 pct on output cut pact
* Fed meets on Tuesday, Wednesday
* Futures: Dow up 23 pts, S&P unchanged, Nasdaq down 17.5
(Adds details, comment, updates prices)
By Tanya Agrawal
Dec 12 The S&P 500 and the Dow were set to open
little changed, while the Nasdaq was on track to open lower on
Monday, after the three major indexes registered fresh record
highs on Friday.
Oil prices rose as much as 6.5 percent to an 18-month high
after OPEC and some of its rivals reached their first deal since
2001 to jointly reduce output to try to tackle global oversupply
and boost prices.
President-elect Donald Trump's expected agenda of economic
stimulus and reduced taxes and regulations has fueled a market
rally, with the benchmark S&P 500 rising 5.6 percent since Nov.
8 to Friday's close.
The Dow has closed at record highs 14 times since the
"This market has gone up without taking a breather and will
enter a cautious trading day as it awaits the Fed," said Peter
Cardillo, chief market economist at First Standard Financial in
Investors are keeping a close watch on the U.S. Federal
Reserve's last meeting for the year, beginning Tuesday, with a
statement from Fed Chair Janet Yellen on Wednesday. The central
bank is widely expected to raise benchmark interest rates, with
market participants looking for clues about the pace of future
"The most recent 'dot plot' from the September meeting shows
another two rate hikes are projected for 2017, which is in line
with market expectations, and investors are wondering if these
dots are going to move higher when released on Wednesday," said
Hussein Sayed, chief market strategist at forex broker FXTM.
Dow e-minis were up 23 points, or 0.12 percent, with
15,871 contracts changing hands at 8:19 a.m. ET (1319 GMT).
S&P 500 e-minis remained unchanged, with 181,297
Nasdaq 100 e-minis were down 17.5 points, or 0.36
percent, on volume of 17,368 contracts.
The dollar rose to its highest since February against
the yen on Monday as U.S. bond yields climbed on the back of
expectations of broadly higher inflation, driven by a rise in
global oil prices.
Ophthotech slumped 81.5 percent to $7.19 in
premarket trading after Novartis said a combination of
its eye drug along with the company's did not produce better
Goodyear Tire & Rubber was up 2.3 percent at $32.92
after Barron's said the tire maker's shares could rise 25
percent in a year.
(Reporting by Tanya Agrawal; Editing by Sriraj Kalluvila)