Stock Futures Higher As Oil Edges Up; Fed In Focus

U.S. stock index futures were higher on Tuesday, ahead of a widely expected increase in interest rates later in the week, as crude oil prices clawed back some losses.

* The U.S. Federal Reserve kicks off a two-day policy meeting later in the day, with a statement expected on Wednesday.

* Traders see an 83 percent chance of a rate hike this week, according to the CME Group’s FedWatch program.

* Global stocks rose on Tuesday, while the dollar index fell marginally, as crude oil prices recovered from Monday’s slide to near 11-year lows.

* U.S. economic data on Tuesday is expected to show consumer prices were unchanged in November after rising 0.2 percent in October. The data is due at 8:30 a.m. ET (1330 GMT).

* Amgen shares were up nearly 3 percent at $162.70 in premarket trading. The drugmaker said on Monday that it would reacquire sales rights to three of its products from GlaxoSmithkline.

* Kennametal slumped 17 percent to $21.22 after it cut its 2016 profit and revenue forecasts, citing weakness and volatility in its core markets and lower oil prices.

Futures snapshot at 6:35 a.m. ET:
* Dow e-minis were up 136 points, or 0.78 percent, with 5,570 contracts changing hands.

* S&P 500 e-minis were up 15.5 points, or 0.77 percent, with 114,888 contracts traded.

* Nasdaq 100 e-minis were up 30 points, or 0.66 percent, on volume of 6,663 contracts.

REUTERS