US pre-open: Futures edge lower ahead of deluge of earnings and economic reports

The Dow Jones Industrial Average is expected to open down approximately 16 points, while the S&P 500 and the Nasdaq are both set to begin the session one point lower.

Earnings in focus

Among the companies that reported quarterly earnings before the opening bell, Alibaba surged 10.4% after the Chinese e-commerce giant posted better-than-expected quarterly revenue.

Biopharmaceutical giant Pfizer rose 2.02% ahead of the bell after its results beat Wall Street's estimates and the firm raised its full-year outlook, even though revenue and earnings both declined on the back of some adverse currency movement.

Meanwhile tobacco group Reynolds American climbed 0.97% after posting better-than-expected quarterly revenue, while profit was in line with estimates.

Ford Motor climbed 0.06% after the car-maker's quarterly operating profit increased, although operating earnings slightly missed expectations, while JetBlue Airways gained 2.82% after its third quarter revenue rose in line with consensus.

Going the other way, printing technology provider Lexmark declined after swinging to a loss and cutting its full-year outlook, while media company Comcast slid 1.90% after its quarterly earnings left investors disappointed.

After the closing bell, investors will turn their attention to Twitter and Apple, with both companies set to publish their quarterly results.

"Few doubt Apple’s earnings power but there is a concern that iPhone 6s sales won’t live up to sky-high expectations," said CMC Markets' analyst Jasper Lawler.

"If the number of iPhone units sees a year-over-year decline, it might be taken as a sign that the global smartphone super cycle has peaked.

"Any comments regarding the tech giant’s expectations for the critical holiday quarter may even eclipse the results themselves."

All eyes on the Fed

On the economic data front, the Federal Open Market Committee kicks off its two-day meeting on Tuesday, with market participants looking to Wednesday's statement as they look for clues over the timing of a first interest rates hike. However, analysts warned investors should not expect too much indication from the Fed, which is unlikely to give much away, one way or the other.

"While the US central bank is probably not going to raise rates in December, be assured we’re unlikely to get any form of confirmation either way this week," said Michael Van Dulken, head of research at Accendo Markets.

On Tuesday, meanwhile, investors will analyse a number of key economic reports, starting with a reading on durable goods for September released at 1230 GMT, followed by an August reading on house prices, which is scheduled for release at 1300 GMT.

At 1345 GMT, market participants will analyse the composite Markit's purchasing managers' index for October, followed at 1400 BST by a reading on consumer confidence for the current month.

Elsewhere, Asian stocks closed on a mixed note, while their European counterparts were pulled back slightly and oil prices fell. West Texas Intermediate lost 1.36% to $43.39 a barrel, while Brent slid 0.72% to $47.20 a barrel.

The dollar was broadly flat against the euro and the pound but fell 0.52% against the yen, while gold futures rose 0.27% to $1,166.13.