* Fed set for $10 billion taper; announcement 2:00 p.m. EST
* Dow Chemical shares up in premarket after earnings beat
* Futures: Dow off 31 pts, S&P off 3.3 pts, Nasdaq off 6 pts
By Angela Moon
NEW YORK, Jan 29 U.S. stock index futures fell
on Wednesday as investors shifted their focus from the Turkish
central bank's bold interest-rate hike to the U.S. Federal
Reserve's impending decision later in the day on its monthly
* Global equity markets got a boost from Turkey's central
bank which stunned investors with a dramatic rate hike designed
to defend its crumbling currency. The move
boosted investors' hope that a vicious cycle of selling in
emerging markets may have been short-circuited.
* Market participants have turned their focus to the U.S.
Federal Reserve's two-day policy meeting which ends today, the
outcome of which will be announced at 2:00 p.m. EST (1900 GMT).
* S&P 500 e-mini futures fell 3.3 points and were
below 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 fell
31 points and Nasdaq 100 futures lost 6 points.
* A hectic day may be ahead, with the Fed expected to press
on with cutting back its massive market-friendly stimulus, and
the central bank of South Africa, another of the countries
caught up in the recent developing market storm, also meeting.
* In earnings, Boeing Inc shares rose 1.5 percent in
premarket trading after the company reported a 26 percent
increase in quarterly profit, helped by a rise in commercial
* Dow Chemical Co shares rose 6.5 percent in
premarket trading after raising its dividend 15 percent and
expanding its share buyback program to $4.5 billion from $1.5
* Yahoo Inc shares fell more than 4 percent in
premarket trading, a day after announcing a decline in its
online ad prices again in the fourth quarter. Alibaba, the
Chinese e-commerce giant in which it owns a big stake, saw
revenue growth decelerate from its recent rip-roaring pace.
* Facebook is scheduled to report results after
* U.S. stocks bounced back on Tuesday, breaking the S&P
500's three-day slide which was prompted by worries about the
pace of Fed stimulus withdrawal and a flight of money out of the