U.S. stocks point to a higher open as investors await direction from the Federal Reserve on interest rate hikes after the first meeting under Bernanke.
March 28, 2006: 6:22 AM EST
NEW YORK (CNNMoney.com) - Stocks were poised to get a lift Tuesday ahead of the much anticipated first interest rate hike under new Federal Reserve chairman Ben Bernanke.
U.S. stock futures were up, indicating a higher open for U.S. markets.
The Fed is widely expected to hike rates a quarter percentage point for the 15th straight meeting. But the central bank's statement, due at 2:15 p.m. ET, will be watched for signs as to when the Fed will end its policy of tightening.
Treasury prices were lower in early trading, lifting the yield on the benchmark 10-year note to 4.71 percent from 4.70 percent late Monday. The dollar was lower against the euro but slightly higher versus the yen.
Oil prices were higher ahead of a meeting of top officials from United States, Russia, China, Britain, France and Germany to discuss what to do about Iran's nuclear program. The May light crude futures contract for NYMEX gained 34 cents to $64.50 a barrel in electronic trading, while the May contract for Brent crude rose 35 cents to $63.96.
Major markets in Asia closed higher Tuesday and major European markets were mixed in early trading.
In corporate news, General Motors (Research) is expected to announce as early as Tuesday cuts in its U.S. white-collar work force, with its engineering staff expected to be hit particularly hard.