US STOCKS-Futures rise on earnings, data on tap
* Pfizer, Merck rise as results beat expectations
* Herbalife shares tumble after it cuts sales outlook
* Futures up: Dow 33 pts, S&P 3 pts, Nasdaq 7 pts
NEW YORK, July 29 (Reuters) - U.S. stock index futures edged higher on Tuesday following better-than-expected results from companies such as Pfizer and Merck and ahead of data on home prices and consumer sentiment.
* Merck reported better-than-expected quarterly results as new drugs offset declining sales of ones facing generic competition. Pfizer's higher-than-expected second-quarter earnings were helped by growing sales of its cancer medicines.
* The economic calendar for Tuesday includes S&P/Case-Shiller home price index for May at 9:00 a.m. EDT (1300 GMT) and the Conference Board's consumer sentiment for July an hour later.
* Later on Tuesday, the Federal Reserve begins a two-day meeting on monetary policy. The Fed could make subtle yet telling changes to its policy statement due Wednesday, as it plans how and when to eventually raise interest rates.
* S&P 500 e-mini futures were up 3 points and fair value - a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract - indicated a slightly higher open. Dow Jones industrial average e-mini futures rose 33 points and Nasdaq 100 e-mini futures added 7 points.