U.S. stock index futures were slightly higher on Tuesday as technology shares staged a recovery after a two-day rout, while investors awaited the Federal Reserve to kick off its meeting, where its is almost certain to raise interest rates, Reuters reports.
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 balance sheet.
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 (AAPL.O), which had sparked the selloff on Friday, was up 0.78 percent at $146.60 in premarket trading. Other technology heavyweights like Microsoft (MSFT.O), Alphabet (GOOGL.O) and Facebook (FB.O) were up marginally.
The U.S. Treasury Department unveiled a plan on Monday to reduce restrictions that big banks face in their trading operations, ease their annual stress tests, and curb the powers of the Consumer Financial Protection Bureau (CFPB).
Tesla (TSLA.O) was up 1.57 percent at $364.65 after Berenberg raised its rating on the stock to “buy” from “hold”.