US pre-open: Futures point to losses ahead of renewed trade talks
Wall Street futures had stocks opening lower on Tuesday ahead of a fresh round of trade talks between Chinese and US officials in Shanghai.
As of 1205 BST, Dow futures had the index opening 0.18% lower, while S&P 500 and Nasdaq futures were pointing to losses of 0.23% and 0.38% at the bell, respectively.
The Dow closed 28.90 points firmer on Monday as investors were looking ahead to today's trade talks and a major announcement from the Federal Reserve scheduled for Wednesday.
Investors expect policymakers to announce a 0.25% rate cut on Wednesday and will also be keeping their ears to the ground in order to pick up any hints as to whether or not the central bank would signal more cuts for over the coming months.
Ahead of the open, Oanda's Craig Erlam said: "With US equity markets sitting around record highs, a lot is hanging on the Fed to deliver not only the bare minimum of a 25 basis point rate cut but also guidance that more will follow. Investors seem a little nervous following some less dovish commentary prior to the blackout period and then an ECB meeting that didn't go entirely to plan.
"Trade talks resume today in Shanghai but there isn't much optimism around the talks, perhaps a reflection of the belief that we've been here before and not got anyway. Of course, as time ticks by the sense of urgency will ramp up but for now, there is a feeling that these talks will drag on and little is likely to be achieved this week."
In corporate news, Apple, Under Armour and Mastercard will all post results throughout the course of the day.
On the data front, personal income and spending figures for June will be posted at 1330 BST, while June's pending home sales figures and July's consumer confidence index will follow at 1500 BST.