Wall St eyes higher open as yields ease heading into Fed meet

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Wall St eyes higher open as yields ease heading into Fed meet
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Oct 31 - Wall Street's main indexes were set for a higher open on Tuesday as Treasury yields fell in the run-up to the Federal Reserve's monetary policy meeting, while investors assessed the latest batch of earnings reports.

On the earnings front, heavy machinery maker Caterpillar fell nearly 5% in premarket trading as the company's dealer inventories rose and a large order backlog shrunk, indicating that equipment demand is starting to slow.Helping broader markets, the yield on the ten-year U.S. Treasury note slid to 4.82%, a day after the Treasury Department said it expects to borrow $76 billion less this quarter than previously anticipated.

The Fed kicks off a two-day monetary policy meeting on Tuesday at the end of which it is widely expected to hold interest rates steady, according to the CME Group's FedWatch tool. The Bank of Japan tweaked its bond yield control policy again on Tuesday, further loosening its grip on long-term interest rates.

U.S.-listed shares of Chinese companies such as JD.Com , Alibaba , PDD Holdings and Bilibili shed between 1.1% and 2.1% after data showed China's manufacturing activity unexpectedly contracted in October.

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