Stocks: Fed decision around the corner

The major U.S. indexes declined by roughly 1.5% in the previous week.

NEW YORK (CNNMoney)

U.S. stock futures were edging higher ahead of the opening bell.

Markets are treading cautiously as they wait to see whether the Federal Reserve will begin cutting back on its massive stimulus program -- which has supported stock markets around the world -- as economic data out of the U.S. continues to improve.

"[A] growing minority now believe that the Federal Reserve could start to taper at this week's meeting," said Kathleen Brooks, a research director at Forex.com

"Only a few weeks ago this was virtually unheard of, with most traders and investors looking at late Q1-Q2 2014 for the Fed to start tapering."

The Fed has been pumping $85 billion per month into the financial system through a bond-buying program. It will announce details of any policy changes on Wednesday.

Related: Markets are ready for the Fed

On the economic data front, the New York branch of the Federal Reserve is set to release its monthly manufacturing survey at 8:30 a.m. ET Monday, while the Labor Department will release its revised estimate of third quarter productivity.

At 9:15, the Census Bureau will publish its monthly reports on industrial production and capacity utilization.

Related: Fear & Greed Index

U.S. stocks finished flat Friday. The previous week saw all major U.S. indexes dip by roughly 1.5%.

European markets were climbing in morning trading, with Germany's benchmark Dax index up by roughly 0.6%.

Asian markets ended with losses. The Nikkei in Japan slumped by 1.6% as the yen strengthened, hitting companies that depend on exports.

First Published: December 16, 2013: 5:18 AM ET

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