Apple shines; Fed in focus; Facebook earnings

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1. Shiny Apple: Shares in Apple (AAPL, Tech30) are rising by about 3% premarket after the company reported sales hit $78.4 billion in the latest quarter, which is a new record high.

Apple CEO Tim Cook credited the surge in part to "especially strong demand for iPhone 7 Plus," the larger and pricier iPhone model.

The latest iPhone was thought to get a bump in recent months from the massive recall of Samsung's Galaxy Note 7 over an exploding battery issue.

2. Fed in focus: Will the U.S. Federal Reserve hold steady on interest rates?

The Fed will announce a new interest rate decision at 2 p.m. ET -- its first of the Trump era. The central bank last hiked rates in December.

Investors expect the central bank to hold its fire this time. The Fed doesn't have a press conference scheduled.

Some attention has shifted recently from the Fed's monetary policy to the government's fiscal policy: President Trump's tax cuts, infrastructure program and trade policy have become a central focus for markets.

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3. Earnings: Mark Zuckerberg's social networking firm Facebook (FB, Tech30) has morphed into one of America's biggest companies -- and Wall Street is hungry for new details about the business's performance.

The firm is reporting quarterly results after the closing bell.

Earnings are also on tap after the closing bell from MetLife (MET) and Ameriprise (AMP).

It's also worth watching automakers on Wednesday, as they'll be reporting new monthly sales data throughout the day.

Figures from sales tracker Autodata showed the number of cars and trucks sold in the U.S. in 2016 hit a record high for the seventh year in a row.

4. Global market overview: Both the Dow Jones industrial average and S&P 500 look like they're on track to break a multi-day losing streak.

U.S. stock futures are pointing up. And most global stock markets are also rising. Many key indexes in Europe are up by about 1%.

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5. Coming this week:

Wednesday - Fed announces rate decision; Facebook (FB, Tech30) earnings; Auto sales reports
Thursday - Amazon (AMZN, Tech30) and Chipotle (CMG) earnings
Friday - U.S. jobs report for January

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