Futures are higher

Stock futures are higher this morning after a five-day streak of losses for the stock market.

Near 8:11 a.m. ET, Dow futures were up 88 points, S&P 500 futures were up 11 points, and Nasdaq futures were up 18 points. On Monday, the Dow dropped to its lowest level in at least five months.

We got some strong earnings results this morning, with UPS, Ford, Merck, and Pfizer crushing estimates.

But oil giant BP missed, reporting an earnings loss and positioning for “a period of weaker prices.” On Monday, Brent crude oil, the international benchmark, slipped into a bear market — roughly defined as a 20% drop from recent highs.

Chinese stocks had a wild ride Tuesday, with the benchmark Shanghai Composite opening down 4%, and then swinging from the red to the green a few times before closing 1.7% lower. The index dived 8.5% on Monday — its worst day by percentage decline since February 2007.

In economic data, we’ll get Case-Shiller home prices at 9:00 a.m. ET, PMI flash services at 9:45, and consumer confidence at 10:00. After the market close, the American Petroleum Institute will release its latest data on US crude oil inventories.

Also after the closing bell, Twitter reports earnings.

It’s the first day of the Federal Reserve’s two-day policy meeting that economists largely expect to be a non-event with no big outlook changes and no press conference. However, they will be parsing tomorrow’s statement for just about any clues the FOMC gives on its readiness to raise interest rates this year.

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