* Fed’s two-day meeting to begin at 1 pm ET
* March durable goods order rises less than expected
* Apple, Ebay, AT&T to report after the bell
* Futures up: Dow 30 pts, S&P 3.25 pts, Nasdaq 3.25 pts (Adds details, comment, updates shares)
By Tanya Agrawal
April 26 (Reuters) - Wall Street looked set to open slightly higher on Tuesday as investors assess quarterly earnings and await the outcome of a two-day U.S. Federal Reserve meeting.
Markets see no chance of a U.S. interest rate increase at the meeting that is set to begin on Tuesday but have priced in a one-in-five chance of a hike at the meeting on June 14-15. Fed officials have repeatedly said a hike in June is on the cards.
While job growth has continues to gain strength, inflation stubbornly remains below the Fed’s 2 percent target.
Investors are also keeping a close eye on earnings reports from major players such as Apple, AT&T, Ebay .
First-quarter earnings from S&P 500 components are expected to have fallen 7.3 percent from a year earlier, according to Thomson Reuters I/B/E/S. Of the 135 companies that have reported, 59 percent reported revenue above analyst expectations, just short of the average 60 percent since 2002.
“People are focused on earnings to see if things will pick up in the coming quarters,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
“Right now we’re in no man’s land. The data has been mixed with job growth picking up but there are concerns regarding the downside risks.”
With the S&P 500 up in eight of the past 10 weeks and nearing the record high set almost a year ago, traders are struggling to find reasons to push it even higher as underwhelming earnings and the specter of higher interest rates hover over markets.
S&P 500 e-minis were up 3.25 points, or 0.16 percent, with 171,857 contracts traded at 8:35 a.m. ET (1235 GMT). Nasdaq 100 e-minis were up 3.25 points, or 0.07 percent, on volume of 22,802 contracts. Dow e-minis were up 30 points, or 0.17 percent, with 22,452 contracts changing hands.
Oil prices were up about 1 percent due to a weaker dollar and hopes for an easing of the global oil glut.
Orders for long-lasting U.S. manufactured goods rebounded less than expected in March. The Commerce Department said on Tuesday that orders for durable goods increased 0.8 percent last month, below the 1.8 percent rise expected by economists polled by Reuters.
The U.S. Conference Board is expected to report at 10 a.m. ET that its consumer confidence index was little changed at 96.0 in April.
Shares of Apple were down 0.8 percent at $104.25 in premarket trading. The world’s largest public company is expected to report a fall in quarterly revenue on weakened demand for its smartphones.
Whirlpool was down 5.6 percent at $175.60 after its profit missed expectations.
Dow components Procter & Gamble and 3M were little changed after reporting results. (Reporting by Tanya Agrawal; Editing by Don Sebastian)