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NEW YORK (TheStreet) -- U.S. stock futures were gaining traction Monday after economic bellwether Caterpillar's (CAT) - Get Caterpillar Inc. Report better-than-expected full-year outlook helped reduce concerns about  a market correction amid continued uncertainties about corporate earnings outlook.

  • S&P 500 futures were up 7.5 points, or 5.21 points above fair value, to 1,789.5, Dow Jones Industrial Average futures were advancing 54 points, or 55.89 points above fair value, to 15,870, Nasdaq futures were higher by 6.5 points, or 4.87 points above fair value, to 3,538.8.
  • The Fed meets this week. The Federal Open Market Committee's policy meeting announcement is scheduled for 2 p.m. EST on Wednesday. "Despite emerging concerns about emerging markets and a weak December payroll report, we look for the Fed to continue the tapering process announced at the December meeting, reducing purchases by another $10 billion," Drew Matus, deputy U.S. chief economist at UBS Securities in Stamford, Conn., said in a note.
  • Caterpillar was surging 6.5% to $91.77 after announcing stronger than expected 2014 outlook and fourth-quarter results, and a new $10 billion stock repurchase program.
  • IPhone and iPad maker Apple (AAPL) - Get Apple Inc. Report is expected by Wall Street to report fiscal first-quarter earnings after Monday's closing bell of $14.07 a share on revenue of $57.46 billion. Shares were up 0.97% to $551.36 in premarket trading.
  • December new home sales at 10 a.m. EST and the January Dallas Fed general business activity index at 10:30 a.m. are among the economic releases expected on Monday.
  • U.S. markets sold off sharply Friday as evidence of a global economic slowdown prompted investors to plough money into safe-haven assets and flee the emerging markets. The Dow Jones Industrial Average suffered its biggest weekly loss since May 2012 as mixed corporate earnings results failed to lift equities out of their slump.
  • AT&T (T) - Get AT&T Inc. Report was up 0.81% to $33.69 and it U.K. rival Vodafone (VOD) - Get Vodafone Group Plc Report was off 4.32% to $36.40 after AT&T said it has no plans to make an offer for Vodafone but didn't entirely close the door on an approach.

-- Written by Andrea Tse in New York.

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