* Futures: Dow down 14 pts, S&P down 1.75 pts, Nasdaq up
By Tanya Agrawal
May 2 U.S. stock index futures were little
changed on Tuesday ahead of the start of the Federal Reserve's
two-day meeting and quarterly corporate results from Apple.
* The Fed begins its meeting later in the day and while the
central bank is widely expected to stand pat on interest rates,
investors will be keeping an eye on its statement, due on
Wednesday, for clues regarding the future path of rate hikes.
* Shares of Apple were up 0.2 percent at $146.90 in
premarket trading, after hitting a record high a day earlier.
The iPhone maker is due to report results after the close of
* Wall Street climbed on Monday, boosted by gains in marquee
tech stocks, including Apple, that more than offset weak
economic data and pushed the Nasdaq to another record high.
* The CBOE Volatility Index, a barometer of expected
near-term stock market volatility, closed at its lowest level
since February, 2007.
* Investors are bracing for another heavy week of corporate
reports to see if quarterly earnings will be able to keep on
* Overall, profits at S&P 500 companies are estimated to
have risen 13.6 percent in the first quarter, the most since
2011, according to Thomson Reuters I/B/E/S.
* Strong earnings have outweighed concerns about patches of
weak economic data. The ISM measure of manufacturing activity
undershot forecasts on Monday, coming after a report last week
showed the economy grew at its slowest pace in three years in
the first quarter.
* A heavy week of economic data will culminate in the
monthly non-farm payrolls report on Friday.
* Pfizer was up 0.3 percent at $33.89, after the
drugmaker's quarterly profit rose, while Merck rose 1.6
percent to $63.40 after the company's quarterly profit beat
* Advanced Micro Devices tumbled 11.6 percent to
$12.04 after the chipmaker's second-quarter gross margins
forecast raised some concerns.
* Angie's List soared 44.3 percent to $8.50 in
light premarket trading after IAC/InterActiveCorp said
it would buy the consumer review website operator.
* Tenet Healthcare rose 15.7 percent to $17.76 after
reporting a smaller-than-expected quarterly loss.
Futures snapshot at 7:05 a.m. ET (1105 GMT):
* Dow e-minis were down 14 points, or 0.07 percent,
with 12,101 contracts changing hands.
* S&P 500 e-minis were down 1.75 points, or 0.07
percent, with 71,953 contracts traded.
* Nasdaq 100 e-minis were up 3.25 points, or 0.06
percent, on volume of 16,344 contracts.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Savio