* U.S. durable goods orders unexpectedly plunge in December
* Apple shares to open lower after muted iPhone sales,
* Federal Reserve to begin two-day policy meeting
* Futures: Dow up 59 pts, S&P up 3.4 pts, Nasdaq down 21.75
By Angela Moon
NEW YORK, Jan 28 Wall Street was set for a
modest rebound on Tuesday after a three-session decline on the
S&P 500, but market sentiment was weighed down by an unexpected
drop in durable good orders in December and disappointing iPhone
sales at tech giant Apple.
* Investors were cautious as the Fed was set to begin its
two-day policy meeting. Concerns have been growing about more
withdrawal of U.S. monetary stimulus and slowing Chinese growth,
which amplified country-specific political turmoil from Turkey
* S&P 500 index futures trimmed gains following data that
showed durable goods orders unexpectedly plunged in December,
falling 4.3 percent compared to consensus of 1.8 percent
* Technology stocks were set for a lower open following
quarterly results from Apple Inc. The stock was set to
open 7 percent lower after iPhone sales in the holiday shopping
season missed lofty expectations and the company forecast weak
revenue for the current quarter.
* At least 12 brokerages lowered their price targets on
Apple's shares, reflecting concerns that it was becoming harder
to sell high-end phones as markets become saturated. The stock
had gained a quarter of its value in the last six months.
* In other earnings, Pfizer Inc reported
better-than-expected fourth-quarter results, helped by sales of
new treatments for cancer, nerve pain and arthritis, sending
shares 3 percent higher in premarket trading.
* Hedge fund Casablanca Capital LP took a 5.2 percent stake
in Cliffs Natural Resources Inc and urged the iron ore
producer to spin off international assets and double its annual
dividend. The stock rose 11 percent premarket.
* The S&P/Case-Shiller home price index for November will be
released at 9:00 a.m. ET and the Conference Board's consumer
confidence index for January is due at 10:00 a.m. ET.
* Investors were also focused on whether the central bank of
Turkey would bow to market pressure and hike interest rates at
an emergency policy meeting to defend its battered lira. India
surprised markets earlier by doing just that.
* Despite reluctance to unsettle Turkish voters ahead of
elections this year, a new Reuters poll showed analysts now
expect the central bank to lift rates by 225 basis points.
* S&P 500 e-mini futures rose 3.4 points and were
slightly above fair value, a formula that evaluates pricing by
taking into account interest rates, dividends and time to
expiration on the contract. Dow Jones industrial average futures
rose 59 points and Nasdaq 100 futures lost 21.75
* Monday's decline on Wall Street, which picked up late in
the session after the S&P 500 briefly traded in positive
territory, followed a steep selloff late last week tied to
emerging market concerns. The slide gave the S&P 500 its worst
weekly percentage loss since June 2012.