UPDATE: Stock market on track for fresh records as Fed meeting steals focus
By Sara Sjolin, MarketWatch
Dollar slips as FOMC prepares to kick off two-day meeting
Stock-index futures pointed to another round of all-time highs for Wall Street on Tuesday as investors awaited the start of a two-day meeting of Federal Reserve policy makers.
Futures for the Dow Jones Industrial Average inched up by 11 points to 22,310, while S&P 500 index futures climbed 1.80 points to 2,504.50. Nasdaq-100 Index futures added 4 points to 5,991.
The modest moves come a day after the Dow average notched its 40th record close of the year (http://www.marketwatch.com/story/dow-sp-500-line-up-for-fresh-records-to-start-the-week-2017-09-18), while the S&P 500 index ended at an all-time high for the 35th time in 2017. The Nasdaq Composite Index also rose, ending Monday at its second-highest close ever.
"The increasingly positive market sentiment remains on track as the Federal Reserve begins its two- day meeting today. This prospect could begin to pull traders to the sidelines over the next day and a half, but for now there is a risk-positive theme running through the markets," said Richard Perry, market analyst at Hantec Markets, in a note.
The Federal Open Market Committee is widely expected to say it will start reducing its $4.5 trillion portfolio of government securities when it releases its policy update on Wednesday. Rates are forecast to stay on hold, but traders will be looking hints if more hike are coming later in the year.#
Read:Fed's balance-sheet unwind will be moment of truth for financial markets (http://www.marketwatch.com/story/feds-balance-sheet-unwind-will-be-moment-of-truth-for-financial-markets-2017-09-18)