U.S. stock index futures signaled a higher open on Wall Street as investors await the Federal Reserve's policy announcement this afternoon for hints of additional stimulus measures to spur growth.
The Bank of England and the European Central Bank will announce interest rate and monetary policy decisions on Thursday.
After the S&P 500 rallied late last week on hopes the Federal Reserve and ECB will do more to stimulate growth, the index stalled over the past two sessions, shedding 0.43 percent yesterday, as investors await the policy announcements.
In economic news, Automatic Data Processing said
The Institute for Supply Management’s manufacturing index is due out at 10 a.m. The index tracks monthly changes in the service sector economy. Economists polled by Briefing.com predict the index rose in July to 50.1, up from 49.7 in June. A reading above 50 indicates an expansion in the sector.
U.S. construction spending data for June will also be released at 10 a.m. on Wednesday. Economists polled by Briefing.com forecast spending rose by 0.5 percent in June, against a 0.9 percent rise in May.
Crude oil inventories for last week will be released by the Energy Department at 10:30. Inventories rose by 2.7 million in the prior week. Also out at 10:30 a.m. is the U.S. Energy Information Administration’s weekly petroleum status report.