A modest gain for U.S. stock futures on Tuesday is putting the market on track to rebound somewhat after dropping in two of the past three sessions.
Investors are waiting for earnings reports from Procter & Gamble Co., 3M Co. and DuPont that are expected before the open, as well as for data on durable goods orders and home prices. But analysts predict investors will hold off on big bets until a policy announcement on Wednesday from the Federal Reserve.
"Market sentiment is looking fairly settled today as the FOMC begins its two-day meeting," said Richard Perry, a Hantec Markets analyst, in a note. FOMC refers to the Federal Open Market Committee, the Fed's policy-making group.
"There is little real direction on forex markets, commodities are looking stable and equity markets are mildly higher."
Oil futures traded about 0.7% higher.
The U.S. central bank -- which raised interest rates in December for the first time in nearly a decade -- is widely expected to leave rates unchanged this week. A major question for investors is how many more times in 2016 rates are likely to go up.