Stock futures slip ahead of Fed meet; results in focus
U.S. stock index futures were slightly lower ahead of the start of a Federal Reserve policy meeting and as investors digested a barrage of earnings reports.
* Global markets fell as a four-week rally in China lost steam and weak results from major companies sent European stocks sliding.
* All eyes are on Apple (AAPL.O), which reports fourth-quarter results after the close, as investors await commentary on the iPhone maker's business in China and its forecast for the crucial holiday quarter.
* Alibaba (BABA.N) shares rose nearly 10 percent to $83.50 in premarket trading after the e-commerce giant reported better-than-expected revenue.
* Pharmaceutical majors Pfizer (PFE.N) and Merck (MRK.N) were little changed after they reported results.
* Ford (F.N) fell 1.5 percent, while Comcast (CMCSA.O) was down 2 percent after results.
* Twitter (TWTR.N) will post results after the close.
* Strong results from tech majors and blue chips have helped improve analyst sentiment on quarterly earnings.
* S&P 500 earnings are now expected to have declined 2.8 percent in the quarter, based on actual results from about 35 percent of companies and estimates for the rest, compared with a 4.2 percent decline forecast at the start of the month, according to Thomson Reuters data.
* The Fed begins its two-day policy meeting on Tuesday. Expectations of a rate increase this week are low, but investors will focus on the central bank's interpretation of economic data and global financial events.
* Data scheduled for release on Tuesday includes orders for U.S. durable goods for September, which is expected to have declined for the second straight month. The data is due at 8:30 a.m. ET.
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