Ahead of this, it is possible markets could show an element of caution, according to OANDA's senior market analyst, Craig Erlam, as traders await to see if the Fed provides any indications as to when it may raise interest rates.
"Investors are still not buying a 2016 rate hike, even following Stanley Fischer's comments over the weekend regarding the economy —markets now marginally pricing in February — so the probability that Yellen says something that goes against what's priced in seems quite high," said Erlam in a note.
"The only question is whether she'll strongly hint at a hike this year or indicate that holding off to early next year may be warranted, at which point markets would push the hike right back once again," he added.
On the earnings front, Best Buy shares surged after reporting quarterly results. Intuit, Trina Solar and Regis are also expected to release their latest earnings.
Meanwhile the price of oil is keeping investors on their toes as crude futures continue to fall. WTI crude and Brent last stood around $47.00 per barrel and $48.75 respectively, with prices being dampened after Goldman Sachs warned that the price rally in August had been overdone.