S&P 500 futures were up 0.25%, Dow Jones Industrial Average futures added 0.28%, and Nasdaq futures gained 0.31%.
Fed officials likely debated whether the U.S. economy can withstand a move off of crises-level interest rates in their two-day meeting which kicked off Tuesday morning. The Fed will release a policy statement on Wednesday afternoon. Economists do not expect the Fed to move rates this meeting, but will be looking for signs as to the likelihood of a September hike.
"It is doubtful that financial market participants will glean much new information from today's FOMC statement," Deutsche Bank analysts wrote in a note. "However, we expect to learn a little bit more of what it will take to get the Fed to raise rates (possibly in September), when the meeting minutes are released on August 19. Until then, investors should treat today's statement as a placeholder."
Twitter (TWTR) - Get Report fell nearly 10% in premarket trading on worries over user growth. Chief Financial Officer Anthony Noto noted in a conference call that sustained user growth was unlikely until redesigns allow Twitter to reach the mass market. Users rose by 2 million to 304 million over the quarter. Second-quarter earnings of 7 cents a share beat estimates by 3 cents and revenue rose 61% from a year earlier.
Yelp (YELP) - Get Report plummeted more than 15% after reporting a mixed quarter. The online reviews company posted a second-quarter loss of 2 cents a share, missing estimates by 3 cents, while revenue 50.8% higher to $133.91 million beat expectations by $430,000. Third-quarter revenue forecasts between $139 million and $142 million missed estimates of $152.7 million.
Gilead Sciences (GILD) - Get Report added 3% after reporting second-quarter earnings of $3.15 a share, 44 cents above estimates. Revenue jumped 26% to $8.2 billion and beat expectations by $590 million. Full-year revenue guidance was also increased.
Humana (HUM) - Get Report climbed more than 1% after beating earnings estimates and reporting in-line revenue for its second quarter. The managed health care company earned $1.67 a share, 4 cents more than expected, while revenue of $13.73 billion jumped more than 12%.
Anthem (ANTM) - Get Report added nearly 3% in premarket trading on better-than-expected profit. The health insurance company earned $3.10 a share, 35 cents above estimates, driven by an increase in Medicaid membership. Revenue of $19.78 billion jumped 8.5% from a year earlier.
MasterCard (MA) - Get Report fell more than 2% after missing second-quarter earnings estimates and reporting in-line revenue. The credit card company earned 81 cents a share, 4 cents below estimates, on revenue of $2.4 billion. Sales increased 1% from a year earlier.
Cytec Industries (CYT) shares were on watch after Belgian company Solvay agreed to buy the chemicals specialist for $6.4 billion, including debt.
Chevron (CVX) - Get Report edged higher before the bell after announcing it will cut 1,500 jobs in the wake of lower oil prices. Around $1 billion in cost cutting is expected as positions are eliminated.