Stock futures were mixed on Tuesday morning as the Federal Reserve's monetary policy group convened for a two-day meeting to discuss interest rates. 

S&P 500 futures were down 0.05%, Dow Jones Industrial Average futures fell 0.07%, and Nasdaq futures were up 0.1%.

The Fed will convene for its semi-monthly meeting on Tuesday with an announcement on rates set for Wednesday afternoon. Members of the Federal Open Market Committee will assess recent mixed data and make a decision on interest rates. The majority of economists don't expect a change in interest rates.

"The May FOMC meeting will likely prove to be a non-event, as it is probably too early for the Fed to change the reinvestment language in the statement," said Societe Generale's Michala Marcussen in a note. "Similarly, the balance of risks and forward guidance should remain unchanged, and we look for only modest tweaks to the economic assessment."

The odds of a rate hike to 1% to 1.25% at this meeting sit at a negligible 4.8%, according to CME Group fed funds futures. A June rate hike looks more likely, with a 67.4% chance. The meeting on Wednesday will conclude with no press conference, often taken by investors as a sign of no change in monetary policy.

Apple (AAPL - Get Report) was on watch ahead of its earnings report out after the bell. Apple, the largest publicly traded company in the world, has become somewhat of a highlight of the reporting season. The company is seen as an industry bellwether and a measure of consumer sentiment, taking the pulse of how willing consumers are to spend on discretionary items. 

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The iPhone maker is expected to post earnings of $2.02 a share in its fiscal second quarter, a 6.4% increase from the same quarter a year earlier. Sales are also expected to post growth, gaining 4.8% to $52.99 billion. First-quarter sales growth broke a worrisome losing streak after three quarters of revenue declines.

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Advanced Micro Devices (AMD - Get Report) fell 12% in premarket trading after posting a so-so first quarter. The chipmaker reported a loss of 4 cents a share on revenue of $984 million. Both the top- and bottom-line met analysts' estimates.

Aetna (AET) swung to a loss over its recent quarter as expenses piled up after terminating a proposed merger with Humana (HUM - Get Report) . A loss of $1.11 a share compared with profit of $2.08 a share a year earlier. Adjusted earnings of $2.71 a share came in higher than estimates of $2.37. The health insurer anticipates its failed merger with Humana to reduce full-year earnings by $3.69 a share. The merger fell apart after a federal judge found antitrust issues. 

ConocoPhillips (COP - Get Report) sank 3% on Tuesday after posting an unexpected adjusted loss. An adjusted loss of 2 cents a share came in lower than an estimated profit of 2 cents a share. The oil company also achieved 2% production growth year over year when adjusted for downtime.   

CVS Health (CVS - Get Report) topped analysts' estimates on its top- and bottom-line over its recent quarter. Adjusted earnings of $1.17 a share beat expectations by 7 cents, while revenue of $44.5 billion exceeded consensus of $44.2 billion. Pharmacy same-store sales declined by 4.7%, while pharmacy services revenue increased 8.5%.

Pfizer  (PFE - Get Report) posted slightly better-than-expected first-quarter earnings but missed analysts' forecasts for revenue amid a slowdown for sales of its key Prevnar 13 vaccine. Sales in its essential health unit declined by 10% in the first quarter as its antidepressant drug Pristiq lost exclusivity in the U.S. and epilepsy treatment Lyrica faced increased generic competition. 

Shares of Merck (MRK - Get Report)  were up in premarket trading after the drugmaker reported adjusted first-quarter net income of $1.55 billion, or 88 cents  share, topping analysts' estimates by a nickel. Merck also raised full-year earnings guidance. Sales of type 2 diabetes treatment Januvia and higher animal health revenue helped to boost overall quarterly results. 


Mastercard (MA - Get Report) rose more than 1% after exceeding first-quarter earnings estimates. Net income of $1 a share improved on profit of 86 cents a share a year earlier. Adjusted earnings of $1.01 a share beat estimates of 95 cents. Revenue of $2.7 billion was in-line with estimates. 


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