* Fed set for $10 billion taper; announcement 2:00 p.m. EST
* South Africa raises rates, first time in 6 years
* Dow Chemical shares up in premarket after earnings beat
* Futures down: Dow 76 pts, S&P 11.4 pts, Nasdaq 23 pts
By Angela Moon
NEW YORK, Jan 29 Wall Street was set to open
lower 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 bond-buying program.
* 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' hopes that a vicious cycle of selling in
emerging markets may have been short-circuited.
* Market participants have turned their focus to the U.S.
Fed's two-day policy meeting which ends Wednesday, the outcome
of which will be announced at 2:00 p.m. EST (1900 GMT).
* South Africa's Reserve Bank raised interest rates for the
first time in nearly six years on Wednesday, in step with other
emerging market economies that have tightened monetary policy to
shore up their declining currencies.
* S&P 500 e-mini futures fell 11.4 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
76 points and Nasdaq 100 futures lost 23 points.
* Boeing Inc fell nearly 4 percent, reversing earlier
gains after it reported a 26 jump in quarterly profit due to a
rise in commercial aircraft deliveries.
* 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
billion. The company reported a quarterly profit well ahead of
* Yahoo Inc shares fell nearly 5 percent in
premarket trading, a day after announcing a decline in online ad
prices which hurt its revenue for a fourth consecutive quarter.
Alibaba, the Chinese e-commerce giant in which it owns a big
stake, saw revenue growth decelerate from its recent rip-roaring
* Facebook is scheduled to report results after
* U.S. stocks bounced back on Tuesday after Pfizer's upbeat
results gave investors some relief from the pain of the Dow's
five-day losing streak, and the market's focus turned to the
Federal Reserve's next move on stimulus.