US STOCKS-Wall St set for muted open; Fed meet in focus

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* Fed likely to resist pressure to cut rates this week
* FOMC due to release statement on Wednesday
* Array surges 60% after Pfizer's $10.64 bln offer
* Futures: Dow off 0.05%, S&P down 0.03%, Nasdaq up 0.14%

(Updates prices, adds comments)
By Shreyashi Sanyal
June 17 (Reuters) - Wall Street's main indexes were set for
a subdued opening on Monday, following two straight weeks of
gains, as focus shifted to a pivotal Federal Reserve meeting
that could lay the groundwork for an interest rate cut later
this year.
The S&P 500 index .SPX has risen nearly 5% so far in June
on hopes of a rate cut in the face of weaker economic data and
heightening global trade tensions, but that rally ran out of
steam in the past week as traders trimmed their expectations.
The Fed is expected to leave borrowing costs unchanged at a
policy meeting on Tuesday and Wednesday, but analysts expect
data to show that a growing number of policymakers are open to
cutting rates in the coming months. "I think the focus will be on what the Fed sounds like in
the meeting this week," said Scott Brown, chief economist at
Raymond James in St. Petersburg, Florida.
"Jerome Powell has got to be very careful about what he
says, and how he frames it because you don't want the market to
panic if the Fed's going to be behind the curve."
The Fed's policy-setting committee is due to release its
statement at 2 p.m. EDT (1800 GMT) on Wednesday, with Powell
holding a press conference shortly after.
At 8:59 a.m. ET, Dow e-minis 1YMc1 were down 17 points, or
0.05%. S&P 500 e-minis ESc1 were down 0.75 points, or 0.03%
and Nasdaq 100 e-minis NQc1 were up 10.5 points, or 0.14%.
Investors also braced for the Group of 20 summit at the end
of the month, which has fueled expectations of progress on
resolving the prolonged trade war between the United States and
China.
Among stocks, Array Biopharma Inc ARRY.O jumped nearly 60%
premarket after Pfizer Inc PFE.N agreed to buy the drugmaker
for $10.64 billion to beef up its cancer portfolio. Pfizer edged
up 0.3%. Hard-disk drive makers Western Digital Corp WDC.O dropped
0.6% and Seagate Technology STX.O dipped 0.4%, after
Susquehanna cut price targets citing worse-than-expected memory
pricing weakness.