The US bourse is set to open higher as European leaders get ready to meet.

New York - S&P 500 index futures rose on Tuesday, rebounding after a steep selloff on Wall Street, but market sentiment was cautious as the Fed was set to begin its two-day policy meeting.

* Technology stocks were set for a lower open following disappointing quarterly results from Apple Inc.

The stock was set to open 7 percent lower after iPhone sales in the holiday shopping season missed lofty expectations and the company forecast weak revenue for the current quarter.

* At least 12 brokerages lowered their price targets on Apple's shares, reflecting concerns that it was becoming harder to sell high-end phones as markets become saturated.

The stock had gained a quarter of its value in the last six months.

* In other earnings, Pfizer Inc reported better-than-expected fourth-quarter results, helped by sales of new treatments for cancer, nerve pain and arthritis, sending shares 3 percent higher in premarket trading.

* New York-based hedge fund Casablanca Capital LP picked up a 5.2 percent stake in Cliffs Natural Resources Inc and urged the iron ore producer to spin off international assets and double its annual dividend.

The stock rose 11 percent in premarket trade.

* In economic news, durable goods data for December is due at 8:30 a.m. ET (15:30 SA time) while the S&P/Case-Shiller home price index for November will be released at 9:00 a.m. ET.

The Conference Board's consumer confidence index for January is due at 10:00 a.m. ET.

* S&P 500 e-mini futures rose 6 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 rose 58 points and Nasdaq 100 futures lost 12.75 points.

* US stocks extended recent losses on Monday, with the S&P 500 falling for a third straight session as concern grew about the Federal Reserve's plans for withdrawing stimulus.

* The losses, which picked up late in the session after the S&P 500 briefly traded in positive territory, followed a steep selloff late last week tied to emerging market concerns.

The slide gave the S&P 500 its worst weekly percentage loss since June 2012. - Reuters