Investing.com – Wall Street futures pointed to flat to higher open on Tuesday, with global stocks hovering near record highs, as the Federal Reserve began its two-day policy meeting.
The blue-chip Dow futures gained 18 points, or 0.08%, at 6:45AM ET (10:45GMT), the S&P 500 futures rose 2 points, or 0.07%, while the tech-heavy Nasdaq 100 futures edged forward 4 points, or 0.07%.
Ahead of the publication of August housing starts, building permits along with import and export prices at 8:30AM ET (12:30GMT) on Tuesday, traders showed caution with the focus on the Fed’s two-policy meeting with the announcement the following day.
The U.S. central bank is widely expected to keep interest rates unchanged at the conclusion of this week's meeting on Wednesday, but is likely to announce a plan to start shrinking its massive $4.5 trillion balance sheet in an effort to normalize policy.
Markets will also be looking for further clues on the timing of the next Fed rate hike, with around 59% of market participants expecting a move by December, according to Investing.com's Fed Rate Monitor Tool.
Also under watch, market participants will keep an eye on U.S. President Donald Trump’s first ever speech to the United Nations on Tuesday at 10:30AM ET (14:30GMT) where he is widely anticipated to urge turning up the pressure on North Korea.
Senior White House officials said Trump would also target Iran's nuclear program, single out Venezuela for criticism and refer to Islamist militants as "losers," in his first appearance in the green-marbled U.N. General Assembly hall.
In company news, Toys ‘R’ Us filed for Chapter 11 bankruptcy protection as online competition damaged the brick and motor establishment. The news is expected to put shares of toymakers Hasbro (NASDAQ:HAS) and Mattel (NASDAQ:MAT) on watch as Toys 'R' Us is the second-largest toy seller in the U.S. behind Amazon (NASDAQ:AMZN), according to consulting firm Kloster Trading Corp.
Equifax (NYSE:EFX) saw shares fall another 1.6% in pre-market trade Tuesday as the credit reporting firm admitted another security breach, nearly five months before the date it has publicly disclosed, adding to the woes that have dominated headlines over the last several days.
Meanwhile, oil prices rose back towards last week's multi-month highs, as investors looked ahead to weekly data from the U.S. on stockpiles of crude and refined products to weigh what the impact of recent storm activity was on supply and demand.
Prices were supported Tuesday on news that as OPEC producers Saudi Arabia and Iraq pointed to a reduction in supplies in line with efforts to tighten the market and prop up prices.
Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (20:30GMT), amid expectations for an oil-stock gain of around 2.9 million barrels, which would mark the third weekly increase in a row.
U.S. crude futures rose 0.85% to $50.78 by 6:46AM ET (10:46GMT), while Brent oil gained 0.63% to $55.83.
Elsewhere, global stock markets were mixed in subdued trade, as investors turned cautious while awaiting fresh signals on U.S. monetary policy.
In Europe, shares were slightly lower in early-afternoon trade, with most major bourses across the region in the red.
Earlier, Asian closed mostly lower, with benchmarks in Shanghai and Seoul ending in negative territory. Japan markets were an outlier, however, soaring in a game of catch up upon reopening after a public holiday.