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The Fed is widely seen as raising its target interest rate by a quarter of a percentage point in its first policy meeting of the year, after rapid increases in 2022 to tame decades-high inflation. That's the Fed's issue as they finish up their two-day policy meeting today," Turnquist added. All of the 11 major sectors on the S&P 500 were down, with technology shares (.SPLRCT) falling the least. Seventy percent of the 200 companies in the S&P 500 that have reported fourth-quarter earnings have topped Wall Street expectations. Analysts now see earnings of S&P 500 firms declining 2.4% for the quarter, per Refinitiv estimates.

Investors will also parse Chair Jerome Powell's news conference for clues on the trajectory of future rate hikes. All of the 11 major sectors on the S&P 500 were down, with the technology shares (.SPLRCT) falling the least. Dow component Amgen Inc (AMGN.O) slipped 3.7% as the drugmaker said its fourth-quarter revenue fell slightly. With nearly 200 companies in the S&P 500 having reported fourth-quarter earnings, about 70% have topped Wall Street expectations. Analysts now see earnings of S&P 500 firms declining 2.4% for the quarter, per Refinitiv estimates.

Investors will also parse Chair Jerome Powell news conference for clues on the trajectory of future rate hikes. Meanwhile, the ADP National Employment report showed that private payrolls increased by 106,000 in January, lower than expectations of 178,000 additions. Snap Inc (SNAP.N) tumbled 12.5% after the social media company said it expects current-quarter revenue to decline by as much as 10%. ET, Dow e-minis were down 138 points, or 0.4%, S&P 500 e-minis were down 9.75 points, or 0.24%, and Nasdaq 100 e-minis were down 8.25 points, or 0.07%. Dow Jones Industrial Average component (.DJI) Amgen Inc (AMGN.O) dipped 0.6% as the drugmaker said its fourth-quarter revenue fell slightly.

Jan 31 (Reuters) - U.S. stock indexes were set to open higher on Tuesday after wage growth data pointed to easing inflation ahead of the Federal Reserve's decision on interest rates. U.S. labor costs increased less than expected last quarter as wage growth slowed, suggesting that the central bank's aggressive approach to taming inflation was taking hold. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." The U.S. 10-year Treasury yield fell after the labor costs data, and was last at 3.50% compared to 3.55% on Monday. The world's largest parcel delivery firm United Parcel Service(UPS.N) also added 1.9% on strong quarterly earnings.

U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, bolstering expectations of the Fed slowing the pace of its interest rate increases. "As the Fed meeting begins today, they'll be looking at every index that could give them a better judgment on inflation and this is one of them," said Peter Cardillo, chief market economist at Spartan Capital Securities LLC. "Labor costs are still high, but this means costs have come down, and that's a key factor for future wage inflation." United Parcel Service (UPS.N) jumped 4% on strong quarterly earnings, boosting the Dow Jones Transport Average index (.DJT). The S&P index recorded four new 52-week highs and no new low, while the Nasdaq recorded 32 new highs and 14 new lows.

About a quarter of the S&P 500 companies have reported earnings so far, of which 69% have beaten analysts' estimates, according to Refinitiv data as of Thursday. Both companies were among the biggest boosts to the S&P 500 (.SPX) and the Dow Jones Industrial Average (.DJI). Seven of the 11 major S&P 500 sectors edged higher with the consumer discretionary sector (.SPLRCD) surging 1.4%. Advancing issues outnumbered decliners by a 1.32-to-1 ratio on the NYSE and by a 1.37-to-1 ratio on the Nasdaq. The S&P index recorded 12 new 52-week highs and no new low, while the Nasdaq recorded 43 new highs and 21 new lows.

The stock was the biggest boost to the S&P 500 consumer discretionary sector index (.SPLRCD). So far, 126 companies in the S&P 500 have reported fourth-quarter earnings, with 69% topping consensus estimates. Analysts now see aggregate S&P 500 earnings dropping 2.7% year-on-year for the period . The S&P 500 energy sector index (.SPNY) rose 2.2%, also helped by higher crude prices. The S&P index recorded 21 new 52-week highs and no new low, while the Nasdaq recorded 79 new highs and 20 new lows.

Separately, the Commerce Department said gross domestic product (GDP) increased at an annualized rate of 2.9% in the fourth quarter, above expectations of a 2.6% rise. "It's clear the economy remains relatively strong in the face of the Fed's efforts, suggesting they're succeeding." Growth stocks have been on a winning spree in January, with the S&P 500 Growth index (.IGX) recouping more than half of the losses logged last month. Keeping a lid on gains for Dow e-minis was chemical firm Dow Inc (DOW.N) that slid 3.3% after it missed Wall Street estimates for quarterly profit, hurt by higher energy costs, weaker demand and supply chain disruptions. ET, Dow e-minis were up 81 points, or 0.24%, S&P 500 e-minis were up 22.25 points, or 0.55%, and Nasdaq 100 e-minis were up 121.75 points, or 1.03%.

Tesla jumped 10.1%, boosting the S&P 500 consumer discretionary sector index (.SPLRCD). Battered growth stocks have been gaining in January, with the S&P 500 Growth index (.IGX) recouping more than half of the losses logged last month. So far, 126 companies in the S&P 500 have reported fourth-quarter earnings, with 69% topping consensus estimates which is below the average of the past four quarters at 76%, according to Refinitiv. Analysts now see aggregate S&P 500 earnings dropping 2.7% year-on-year. The S&P index recorded 19 new 52-week highs and no new low, while the Nasdaq recorded 63 new highs and 11 new lows.

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