Stock futures edge higher before Fed meeting; data on tap

NEW YORK (Reuters) - Stock index futures edged higher on Tuesday as the Federal Reserve was set to begin a two-day policy meeting at which the central bank is largely expected to unveil new measures to stimulate the economy.

Equities in the United States and Europe have rallied recently, with U.S. stocks mostly flat on Monday as investors paused following the best two-day run this year, on increased expectations both the Fed and the European Central Bank will plan further actions to stimulate their respective economies at meetings this week.

Last week, ECB President Mario Draghi said the ECB was ready to do whatever it takes to preserve the euro, fueling expectation the bank could revive its bond purchase program to help lower the borrowing costs of debt-stricken Spain and Italy.

"There are obviously two big decisions weighing over the market - the Fed decision due tomorrow as well as their commentary and the ECB decision later this week and those are really going to be the flagposts for near-term market movement," said Rick Meckler, president of investment firm LibertyView Capital Management in New York.

"The big difference between the two groups is all the Fed can do at this point is probably some moves around the edge; Europe has much more significant potential moves to make including bond buying and some sort of cohesive plan among the nations, so the opportunity there for something significant is much greater."

S&P 500 futures rose 2.2 points and were above 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 gained 26 points, and Nasdaq 100 futures added 7.25 points.

Investors will also grapple with personal income data due at 8:30 a.m. EDT (1230 GMT). Economists in a Reuters survey expect a 0.4 percent rise in income and a 0.1 percent increase in spending.

Data expected later in the session includes the S&P/Case-Shiller home price index for May, at 9 a.m. (1300 GMT) and U.S. consumer confidence numbers for July, at 10 a.m. (1400 GMT). Economists in a Reuters survey expect the 20-city adjusted home price index to rise 0.5 percent while consumer confidence is expected to show a reading of 61.5 versus 62 in June.

Earnings season continues to roll along, with quarterly results scheduled from companies including Electronic Arts , FMC Corp and Valero Energy .

Pfizer Inc shares climbed 2 percent to $24.18 in premarket trade after the largest U.S. drugmaker reported higher-than-expected quarterly earnings and affirmed its 2012 profit forecast.

Coach Inc slumped 13.3 percent to $52.50 in premarket after the upscale leather goods maker reported lower- than-expected fourth-quarter sales.

Anheuser-Busch InBev , the world's largest brewer, fell short of second-quarter earnings expectations, selling less beer and spending more on distribution and marketing new U.S. brands. U.S.-listed shares fell 4 percent to $77.85 in premarket trade.

Aetna Inc posted weaker quarterly earnings as expenses rose, but the results were still higher than analysts had expected.

According to Thomson Reuters data through Monday morning, of the 294 companies in the S&P 500 that have reported earnings to date for Q2 2012, 67 percent have reported earnings above analyst expectations. The average over the past four quarters is 68 percent.

A three-day rally in European shares ran out of steam, hit by the lack of clear evidence that the ECB will deliver strong action this week to back up its pledge to support the euro. The FTSEurofirst 300 <.FTEU3> was down 0.2 percent. <.EU>

Asian shares rose on hopes for further stimulus from the European Central Bank and the U.S. Federal Reserve.

(Reporting by Chuck Mikolajczak, editing by Dave Zimmerman)

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