Wall St. to open flat ahead of Fed statement; Facebook slides
Credit: Reuters/Brendan McDermid
Traders work on the floor of the New York Stock Exchange October 28, 2014.
* In an otherwise data-light session, the Fed is likely to announce that it will no longer add to its holdings of Treasury bonds and mortgage-backed securities, effectively ending a program that at its peak pumped $85 billion a month into the financial system.
* The Fed's cash injection is widely seen as a pillar of the current multiyear bull market in equities, and earnings are expected to support any further advances. So far this reporting season, 73.5 percent of S&P 500 companies have beat profit expectations. In a typical quarter since 1994, 63 percent of companies beat estimates.
* Facebook shares fell 7.7 percent in premarket trading the day after the social network announced an increase in spending in 2015 and projected a slowdown in revenue growth this quarter.
* Orbital Sciences Corp (ORB.N) shares fell 13.7 percent in light volume the day after its unmanned rocket exploded seconds after liftoff from a commercial launch pad in Virginia, marking the first accident since NASA turned to private operators to deliver cargo to the International Space Station.
Futures snapshot at 07:19 EDT:
* S&P 500 e-minis ESc1 were falling 3.25 points, or 0.16 percent, with 130,394 contracts changing hands.
* Nasdaq 100 e-minis NQc1 were down 10.5 points, or 0.26 percent, in volume of 25,600 contracts.
* Dow e-minis 1YMc1 were down 9 points, or 0.05 percent, with 16,783 contracts changing hands.
(Reporting by Rodrigo Campos)
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