US STOCKS-Futures rebound after selloff; Apple weighs on tech shares

Reuters - UK Focus

* Apple (NasdaqGS: AAPL - news) shares to open lower after muted iPhone sales,outlook

* Durable goods orders, S&P Case-Shiller home price data ontap

* Federal Reserve to begin two-day policy meeting

* Futures: Dow up 58 pts, S&P up 6 pts , Nasdaq down 12.75pts

By Angela Moon

NEW YORK (Frankfurt: HX6.F - news) , Jan 28 (Reuters) - S&P 500 index futures rose onTuesday, rebounding after a steep selloff on Wall Street, butmarket sentiment was cautious as the Fed was set to begin itstwo-day policy meeting.

* Technology stocks were set for a lower open followingdisappointing quarterly results from Apple Inc. Thestock was set to open 7 percent lower after iPhone sales in theholiday shopping season missed lofty expectations and thecompany forecast weak revenue for the current quarter.

* At least 12 brokerages lowered their price targets onApple's shares, reflecting concerns that it was becoming harderto sell high-end phones as markets become saturated. The stockhad gained a quarter of its value in the last six months.

* In other earnings, Pfizer Inc (NYSE: PFE - news) reportedbetter-than-expected fourth-quarter results, helped by sales ofnew treatments for cancer, nerve pain and arthritis, sendingshares 3 percent higher in premarket trading.

* New York-based hedge fund Casablanca Capital LP picked upa 5.2 percent stake in Cliffs Natural Resources Inc (NYSE: CLF - news) andurged the iron ore producer to spin off international assets anddouble its annual dividend. The stock rose 11 percent inpremarket trade.

* In economic news, durable goods data for December is dueat 8:30 a.m. ET (1330 GMT) while the S&P/Case-Shiller home priceindex for November will be released at 9:00 a.m. ET. TheConference Board's consumer confidence index for January is dueat 10:00 a.m. ET.

* S&P 500 e-mini futures rose 6 points and were abovefair value, a formula that evaluates pricing by taking intoaccount interest rates, dividends and time to expiration on thecontract. Dow Jones industrial average futures rose 58points and Nasdaq 100 futures lost 12.75 points.

* U.S. stocks extended recent losses on Monday, with the S&P500 falling for a third straight session as concern grew aboutthe Federal Reserve's plans for withdrawing stimulus.

* The losses, which picked up late in the session after theS&P 500 briefly traded in positive territory, followed a steepselloff late last week tied to emerging market concerns. Theslide gave the S&P 500 its worst weekly percentage loss sinceJune 2012.

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