US STOCKS-Futures rise ahead of Fed statement

                                
   * Fed expected to repeat "exceptionally low" rate vow
                                
 * Interior Secretary to order new deepwater drilling ban
                                
 * Futures up: S&P 4.3 pts, Dow 49 pts, Nasdaq 8.25 pts
                                
 * For up-to-the-minute market news see [STXNEWS/US]
  (Writes through, adds details, quote, byline)
                                
 By Leah Schnurr
                                
 NEW YORK, June 23 (Reuters) - U.S. stock index futures rose
on Wednesday after the previous day's tumble with the Federal
Reserve expected to reassure investors it won't move too soon
on its tightening policy.
                                
 The Fed is also seen repeating a vow that it will keep
interest rates exceptionally low for an extended period. The
Fed may also acknowledge a slight slowdown in the pace of the
U.S. economic recovery, according to economists. For details,
see [ID:nN22150078]
                                
 Investors are keen that the central bank not begin to
tighten its monetary policy too soon, lest it stifle the
still-fragile recovery. The Fed is expected to release its
statement about 2:15 p.m. EDT (1815 GMT).
                                
 Stocks fell more than 1 percent in another late-day
sell-off Tuesday after unexpectedly poor housing figures. The
S&P 500 fell through its 200-day moving average, which had been
a basis of support in the last few days. Various levels watched
by technicians stand in a tight range, which could keep the S&P
in a narrow trade.
                                
 "If you look at yesterday's technical set-up, it seemed we
had a pretty good fight between 1,100 and 1,130, and I wouldn't
be surprised if we have more of the same today," said Barry
Ritholtz, director of equity research at Fusion IQ in New
York.
                                
 "That seems to be the range where the bulls and bears are
doing battle."
                                
 S&P 500 futures <SPc1> rose 4.3 points and 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 <DJc1> gained 49
points, and Nasdaq 100 futures <NDc1> added 8.25 points.
                                
 The U.S. Interior Secretary said late Tuesday he will order
a new moratorium on deepwater drilling "in the coming days"
after a U.S. judge overturned a six-month ban. The temporary
ban is aimed at ensuring offshore safety after the explosion of
BP Plc's <BP.L><BP.N> rig in the Gulf of Mexico.
[ID:nN23161792]
                                
 Shares of Transocean Ltd <RIG.N> rose 1.3 percent to $53.18
in early market trade, while BP added 1.6 percent to $30.16.
                                
 On the data front, new home sales for May will be released
at 10:00 a.m. (1400 GMT). Economists expect that sales fell to
an annual rate of 410,000 units from 504,000 in April. See
[ECI/US]
                                
 Adobe Systems Inc <ADBE.O> reported after the closing bell
that quarterly revenue surged, but its shares slipped 1.5
percent to $32.28 premarket as profits failed to grow as
quickly as sales. [ID:nN22159184]
                                
 Jabil Circuit Inc <JBL.N> jumped 8.6 percent to $14.76
after its quarterly results beat expectations and it forecast a
strong end to the year. [ID:nSGE65L0KO]
                                
 Philip Morris International Inc <PM.N>, the maker of
Marlboro cigarettes, cut its full-year earnings outlook as it
was hurt by a weak euro. [ID:nSGE65M0CL]
  (Editing by Jeffrey Benkoe)