US pre-open: Futures point to early gains ahead of FOMC policy meeting
US futures had stocks recording some early gains despite ongoing fears about the Wuhan coronavirus wreaking havoc throughout China and ahead of the FOMC's first policy meeting of 2020.
As of 1230 GMT, Dow futures were up 0.39%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.36% at and 0.51% firmer, respectively.
The Dow closed 0.66% higher on Tuesday as stocks attempted to undo some of the damage done during the previous session.
Chinese officials revealed overnight that the death toll from the coronavirus outbreak had risen to 132 - with total cases in China now standing at 5,974.
The White House also said it had told US airlines that it was considering a suspension of flights between China and the States, taking their lead from British Airways.
Oanda's Craig Erlam said: "Investors may be showing some resilience at the moment, having rushed for the exits earlier this week, but I'm not convinced the earnings season distraction can be sustained.
"The knee jerk reaction on Monday was strong but with British Airways now cancelling trips to and from China, film premiers being cancelled, shops closing and internal travel plummeting, it seems entirely justified and probably not severe enough."
Also in focus, market participants will be keeping a keen eye on the US Federal Reserve on Wednesday, with the central bank set to convene for the first time this decade.
The headline interest rate was widely expected to hold steady at 1.50% to 1.75%, but investors will likely pay close attention to Fed Chair Jerome Powell's speech later in the session.
In corporate news, a slew of earnings were due on Wednesday - with AT&T, Boeing, General Electric, Mastercard, McDonald's, Facebook, Microsoft and Tesla all reporting throughout the course of the day.
On the macro front, overall mortgage application volume jumped 7.2% last week, according to the Mortgage Bankers Association.
MBA economist Joel Kan said: "Mortgage applications continued their strong start to the year, as borrowers acted on the drop in mortgage rates last week.
"Rates were driven lower by investors' increased concern about the economic impact from China’s coronavirus outbreak, in addition to existing concerns over trade and other geopolitical risks."
Still to come, wholesale and retail inventories for December will be posted at 1330 GMT, while pending home sales figures will be published at 1500 GMT.