Stock market news live updates: Stock futures open higher ahead of Fed policy meeting

$Dow Jones Industrial Average (.DJI.US)$ $S&P 500 Index (.SPX.US)$ Stock futures were up on Monday following declines during the earlier trading session for all three major U.S. indexes as investors set their sights on a prolific week in Washington that includes the Federal Reserve's final policy-setting meeting of 2021 and the release of new prints on retail sales, housing starts and other economic data.

Contracts on the S&P 500 edged higher, turning positive after the blue-chip index retreated from a rally last week that helped the index post its sharpest gains since February. Research from Goldman Sachs showed the S&P 500 is powered by five stocks that have accounted for 51% of its return since the end of April. Microsoft, Google, Apple, Nvidia and Tesla account for more than one-third of the S&P 500's 26% return this year, according to Goldman.

Futures for the Dow and Nasdaq were also up.

Traders are awaiting a decision from the Fed on how quickly the central bank will tighten monetary policy amid a backdrop of fresh inflation numbers that reflected the fastest annual increase in nearly four decades. The Labor Department's Consumer Price Index (CPI) soared 6.8% in November compared to last year, according to figures published last week.

Part of the content is taken from Yahoo.