Futures are rallying
At 7:54 a.m. ET, Dow futures are up 90 points (+0.49%), S&P 500 futures are higher by 10 points (+0.50%), and Nasdaq futures are stronger by 17 points (+0.4%).
Stocks closed higher last week, the first full trading week with some considerable level of volatility since right after the British referendum in June. The S&P 500 gained 0.53%.
Ahead of the Federal Reserve's quiet period before its meeting, the focus was on the remarks of Fed governors and presidents on the path of future interest rates.
That's the highlight of this week, as the Federal Open Market Committee begins its two-day policy meeting on Tuesday. New projections for economic growth and inflation will accompany the statement on Wednesday. A press conference by Fed Chair Janet Yellen will follow.
Fed fund futures reflect that traders see a slim 20% chance of a rate hike this week, and a 55.2% probability of at least one by the end of 2016.
Crude oil prices are also higher. West Texas Intermediate crude oil futures, the US benchmark, gained 1.4% to $44.23 per barrel. Venezuelan President Nicolas Maduro said a deal between OPEC and non-OPEC producers to stabilize the market could be announced at the upcoming meeting later in September.
Besides the Fed statement, the economic-data calendar is light today and for the rest of the week. The National Association of Homebuilders will release its housing market index at 10 a.m. ET.