January 29, 2014- Stocks Set for a Cautious Start Ahead of Fed Decision

Wall Street remains on track for a firmer start, as optimism concerning global growth returns to the markets. The major U.S. index futures are pointing to a higher opening on Wednesday. Earlier in the global trading day, Asian stocks rose higher on increasing risk appetite amid easing concerns about growth in the emerging markets. European stocks are also advancing, with positive German consumer confidence reading adding to the buoyancy that was set in motion yesterday by the rate hike by the Turkish central bank. All said and done, the overriding influence on the domestic markets is likely to the widely awaited Fed decision, which is due in the afternoon. The Dow futures are rising 7 points, the S&P 500 futures are adding 0.50 points and the Nasdaq 100 futures are moving up 7 points. U.S. stocks rebounded on Tuesday, as traders focused on some positive earnings and better than expected consumer confidence reading. On the economic front, the Energy Information is scheduled to release its weekly petroleum status report for the week ended January 24th at 10:30 am ET. The Federal Open Market Committee is scheduled to make its announcement concerning the monetary policy at 2 pm ET.