Investing.com - Wall Street futures moved higher on Tuesday, as investors were eyeing upcoming U.S. economic reports, as well as the Federal Reserve’s policy decision due on Wednesday.
The blue-chip Dow futures were up 0.23%, the S&P 500 futures rose 0.31%, while the tech-heavy Nasdaq 100 futures added 0.24%.
Market sentiment improved after data earlier showed that China’s official manufacturing purchasing managers’ index rose to 51.2 in October from 50.4 the previous month.
The Caixin manufacturing PMI also ticked up to 51.2 this month from 50.1 in September.
Optimism over the strength of the U.S. economy also remained high after a stronger-than-forecast preliminary estimate of U.S. third quarter economic growth was released last Friday.
However, investors were still cautious amid heightened political uncertainty after the FBI said it would review more emails related to Hillary Clinton's private email use.
The energy sector was expected to be in focus after General Electric (NYSE:GE) announced plans on Monday to merge its oil and gas business with Baker Hughes Incorporated (NYSE:BHI), creating the world's second-largest oilfield services provider.
Shares in Baker Hughes dropped 0.43% in pre-market trade.
Exxon Mobil (NYSE:XOM) regained 0.38% pre-market, after tumbling nearly 2% on Monday, when Goldman Sachs (NYSE:GS) published a note recommending to dump the stock for Chevron (NYSE:CVX).
Nike Inc (NYSE:NKE). was also slated to move after losing over 3% on Monday, when Bank of America (NYSE:BAC) downgraded the stock. Nike shares were up just 0.04% in pre-market trade.
Companies scheduled to release earnings reports on Tuesday included Pfizer (NYSE:PFE), Coach Inc (NYSE:COH), Kellogg Company (NYSE:K), Etsy Inc (NASDAQ:ETSY), Electronic Arts (NASDAQ:EA), Western Union Company (NYSE:WU) and Square (NYSE:SQ).
Later Tuesday, the U.S. was set to publish data on October manufacturing activity.