US Stock Futures Gain Ahead Of Fed Announcement

US stock futures traded higher in early pre-market trade, ahead of earnings from

and

. The Pending Home Sales Index for June will be released at 10:00 a.m. ET. The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET. Futures for the Dow Jones Industrial Average climbed 39.5 points to 17,585.5, while the Standard & Poor's 500 index futures rose 4.70 points to 2,091.95. Futures for the Nasdaq 100 index surged 11.60 points to 4,567.60.

European markets were mostly higher today, with the Spanish Ibex Index declining 0.02 percent, STOXX Europe 600 Index surging 0.48 percent and German DAX 30 index gaining 0.19 percent. French CAC 40 Index jumped 0.35 percent and London's FTSE 100 Index rose 0.51 percent. In Asian markets, Japan's Nikkei Stock Average declined 0.13 percent, Hong Kong's Hang Seng Index rose 0.47 percent, China's Shanghai Composite Index jumped 3.44 percent and India's BSE Sensex climbed 0.38 percent.

Analysts at Morgan Stanley downgraded

from Overweight to Equal-weight and lowered the price target from $53.00 to $25.00. Yelp shares dipped 20.85 percent to $26.50 in after-hours trading.