Wall Street was set for a slightly higher open on Tuesday, but with stock futures trading in tight ranges as investors remained cautious ahead of two major central bank decisions.
Futures for the Dow Jones Industrial Average YMZ6, +0.28% rose 31 points, or 0.2%, to 18,083, while those for the S&P 500 index ESZ6, +0.34% gained 5.10 points, or 0.2%, to 2,138. Futures for the Nasdaq-100 index NQZ6, +0.32% advanced 9 points, or 0.2%, to 4,803.25.
The small gains come after a choppy session on Monday, when stocks SPX, +0.00% DJIA, -0.02% closed essentially flat in anticipation of the closely watched Federal Reserve and Bank of Japan monetary-policy decisions on Wednesday.
Craig Erlam, senior market analyst at Oanda, said in a note, “It isn’t unusual for traders to adopt a more cautious approach ahead of these events, particularly when we have two on the same day, both of which have the potential to create huge amounts of volatility in the markets”.