US pre-open: Stocks set to edge higher ahead of Fed, amid mixed economic data

As of 1300 GMT, futures for the Dow Jones Industrials were adding 9.0 points to 27,051.0, alongside a gain of 2.5 points for the S&P 500 and a rise of 17.5 points on the Nasdaq-100.

"The UK's obsession with Brexit is not shared by others outside the country, who's attention today will firmly be on the two big interest rate decisions from the Fed and BoC. The Fed will be more closely monitored given the odds for a cut surpass 90% making it as much of a foregone conclusion as you'll see," said Oanda senior market analyst Craig Erlam.

"Any surprise here could really shake things up in the markets and ask serious questions of the central bank's communication strategy. Having already cut interest rates twice, policy makers will likely once again abide by market demands, at which point they could declare an end to this mid-cycle adjustment, or at least warn of no more in the near-future."

In economic news, a preliminary estimate on third quarter US gross domestic product from the Department of Commerce revealed a 1.9% expansion in economic activity over the quarter (consensus: 1.6%), dirven by a 2.9% jump in household consumption (consensus: 2.6%).

However, that came alongside a 3.8% drop in spending on equipment - the steepest drop since the first quarter of 2016.

Commenting on the latest GDP figures, Pantheon Macroeconomics's Ian Shepherdson told clients: "Could have been worse. Q4 probably will be.

"[...] But the leading indicators for Q4 here are grim too. Indeed, our initial working assumption for Q4 GDP growth is just 1%, but if inventories and exports are as bad as some of the indicators suggest, then a zero or even a sub-zero reading is entirely possible."

And according to consultancy ADP, private sector payrolls increased by 125,000 in October (consensus: 120,000), albeit on the heels of a downwardly-revised increase of 93,000 in the month before (consensus: 135,000).

Over in the corporate space meantime, all eyes were on General Electric in the wake of its latest quarterly earnings figures, which sent the shares higher by nearly 9.0% in pre-market trading.

Apple was also set to be in the spotlight after a Bloomberg report, citing a person familiar with the company's production plans, who said that the manufacturer expected iPhone sales would return to growth in 2020.

In deals news, Fiat Chrysler and French rival Peugeot confirmed that they were in talks aimed at a possible merger, sending stock in the former up by 11%.