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* AMC climbs on plans to reopen theaters globally
* Fed's economic projection expected at 2 p.m. (1800 GMT)
* Futures up: Dow 0.17%, S&P 0.33%, Nasdaq 0.79%
(Adds comment, details; updates prices)
By Medha Singh
June 10 (Reuters) - Wall Street's main indexes were set to
open slightly higher on Wednesday as focus shifted to a Federal
Reserve meeting that will deliver the central bank's first
projections on the economy post-coronavirus outbreak.
Investors will also look for clues on how long the central
bank plans to maintain its ultra loose policy to support the
economy and if it would introduce yield curve control measures
after a recent jump in U.S. Treasury yields. "The economic projections will be particularly instructive
in the context of whether Fed policymakers believe a V-shaped
recovery is likely, and whether they think the worst is behind
the U.S. economy," said Michael Hewson, chief market analyst at
CMC Markets UK.
Prospects of an economic rebound, backed by upbeat data,
have boosted stocks in recent weeks, with the Nasdaq .IXIC
closing at a record high for a second straight session on
Tuesday. The S&P 500 .SPX is about 5% away its all-time peak.
At 8:26 a.m. ET, Dow e-minis 1YMcv1 were up 47 points, or
0.17%. S&P 500 e-minis EScv1 were up 10.5 points, or 0.33% and
Nasdaq 100 e-minis NQcv1 were up 78.75 points, or 0.79%.
Apple Inc AAPL.O rose 1.2% in premarket trading as two
brokerages hiked their price targets on the iPhone maker's
shares.
AMC Entertainment Holdings Inc AMC.N rose about 15.5%
after the world's largest theater operator said it expects to
reopen its theaters globally in July. Oil majors Exxon Mobil Corp XOM.N and Chevron Corp CVX.N
dropped about 1.2%, as oil prices weakened after a rise in U.S.
crude inventories raised concerns of oversupply. O/R
Carriers American Airlines Inc AAL.O and United Airlines
Holdings UAL.O dropped 3.3% and 5.6%, respectively, as
J.P.Morgan analysts said the current pace of rise in U.S.
airline stocks cannot be maintained for much longer.