US equities to open mix as the FOMC meeting begins

Wall Street futures pointed to a mix open on Tuesday pre-session hours as the Federal Open Market Committee is set to kick off a two-day policy meeting later in the day and as investors shifting their focus into corporate earnings amid no relevant economic reports.
US equities ended mostly higher on Monday, despite downbeat economic data and comments from President Donald Trump assuring he’s looking at breaking up big banks in the country.
"There's some people that want to go back to the old system, right? So we're going to look at that," said Trump yesterday. On this regard, Treasury Secretary Steven Mnuchin also said that the Trump administration was working on changes for the Dodd-Frank act. The banking sector initially drowned following Trump comments, although it quickly rebounded.
The Dow Jones industrial average was down 25 points by the end of the session, while the S&P 500 followed a different trend, supported by financials and information technology components. The Nasdaq reached a new intraday peak before the closing bell.

• Dow Jones Industrial Average: -27.05 / -0.13% / 20913.46
• Standard & Poor’s 500: +4.13 / +0.17% / 2388.33
• Nasdaq Composite: +44.00 / +0.73% / 6091.60

In economic news, the Commerce Department said PCE price index came in at 1.6 percent for March, down from a previous month 1.8 percent. Personal spending was unchanged, compared to an expected 0.2 percent build.
Other economic news included Markit’s manufacturing PMI for April, which came in line with expectations of 52.8 points, showing no changes from the last period. In a parallel report, the Institute of Supply Management said manufacturing PMI fell to 54.8, against 56.5 expected.
Investors are opting for a wait-and-see positioning ahead of a new Federal Reserve meeting. According to Fed funds tracked by CME Group’s FedWatch tool, traders are pricing in less than a 5 percent chance of a rate increase this month, with all eyes currently looking into June. However, investors will pay attention to the press conference in search for fresh hints.
Meanwhile, Washington’s political elite took a breather as negotiators from both parties reached an overnight deal to keep the government funded for the next five months. The House and Senate have to still put a sign on the agreement.
There are no relevant economic reports set for the day, but a strong earnings season continues to set the tone in American markets. So far, over 75 percent of companies have already reported better-than-expected results for the first quarter of the year.
Today, big names such as Apple, Merck, Pfizer, BP, MasterCard, ConocoPhillips and Coach are scheduled to release their earnings and revenues.