Stock futures gain ahead of Fed meeting

STEVE ROTHWELL AP Markets Writer Published:

NEW YORK (AP) -- U.S. stock futures are higher after three-day slump that was prompted by worries about emerging market economies. Investors are now awaiting the start of the Federal Reserve's January policy meeting.

KEEPING SCORE: Dow Jones industrial average futures are up 28 points to 15,822 before the opening bell. Standard & Poor's 500 index futures are up three points to 1,779. Nasdaq futures are down 20 points to 3,482.

THE FED: The Federal Reserve is starting a two-day policy meeting Tuesday. Most analysts expect that Federal Reserve to further reduce its bond purchases by a further $10 billion to $65 billion at the end of its meeting.

THE LAST BIG THING: Apple shares slumped $38.66, or 7 percent, to $511.84 in premarket trading after first-quarter results disappointed investors and it provided a cautious second-quarter revenue forecast. First-quarter shipments of iPhones were below expectations, reinforcing perceptions that Apple is now mostly selling its mobile devices to repeat customers who are upgrading their devices, instead of reeling in new customers.

OVER THERE: Global financial markets stabilized Tuesday, following days of turmoil for stocks and emerging market currencies. The FTSE 100 index of leading British shares was up 0.3 percent at 6,571 while Germany's DAX rose 0.3 percent at 9,378. The CAC-40 in France was 0.6 percent higher at 4,167. Asian markets were mixed.