The S&P 500 and the Dow were set to open slightly higher on Tuesday, helped by positive earnings updates from a slew of companies including General Electric and Johnson & Johnson, while the Federal Reserve kicked off its two-day policy meeting.
"So far earnings have been really strong and the market is looking forward to some of the big tech names starting to report earnings today," said Ross Mayfield, investment strategy analyst at Baird, in Milwaukee. With the S&P 500 trading at 22 times the 12-month forward earnings, concerns about stock bubbles on Wall Street are sparking fears of a pullback. Investors are keeping an eye out for forecasts from corporate America to justify these higher valuations.
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