US open: Dow on track for fifth straight day of gains
US stocks opened higher on Tuesday as investors eyed the start of the Federal Reserve's two-day policy meeting.
At 1500 GMT, the Dow Jones Industrial Average was up 0.40% at 26,017.25, while the S&P 500 moved ahead 0.26% to 2,840.37 and the Nasdaq Composite traded 0.21% firmer at 7,730.73.
The Dow opened 103 points higher on Tuesday and was firmly on track for a five-day winning streak as Federal Reserve policy makers prepare to convene a two-day policy meeting.
Although no change in rates is expected, investors will keep a close eye on the policy statement, with remarks by chairman Jerome Powell at his news conference being of particular note.
The Fed is widely expected to maintain the tone it adopted back in January when it abruptly put its rate-hike plan on pause.
James Hughes, chief market analyst at Axi Trader, said: "Optimism that the Federal Reserve will maintain its cautious tone over monetary policy and possibly provide further clarity over the timing of any move in interest rates is lending support, although markets do seem to be looking for that Goldilocks zone once again."
In a further boost to sentiment, overnight the US Secretary of Agriculture, Sonny Perdue, told Bloomberg TV that China might triple its purchases of US farm goods as part of any trade agreement.
Elsewhere on the macro front, new orders for US-made goods rose less than expected in January, while shipments fell for a fourth straight month, offering more evidence of a slowdown in manufacturing activity.
Factory goods orders edged up just 0.1%, according to the Commerce Department, held back by decreases in orders for computers and electronic products, after rising by the same margin in December.
In corporate news, delivery company FedEx shares ticked up 0.13% after reporting earnings at the bell.
Elsewhere, Altimmune shares surged 18.79% in early trade after the company reported additional positive data from its flu treatment and said it was seeking development and commercialisation partnerships.
Retailer Michaels Cos was up 14.33% after it posted better-than-expected fourth-quarter earnings and revenue, although its outlook for this year was disappointing.
Discount footwear retailer DSW sunk 14.63% in early trade after its full-year adjusted profit fell short of analysts' expectations.