U.S. futures steady as markets eye Fed meeting; Dow Jones down 0.05%

U.S. stock futures pointed to a steady open on Tuesday, as investors remained cautious ahead of the Federal Reserve's highly anticipated policy meeting, due to begin later in the day. 

Ahead of the open, the Dow Jones Industrial Average futures pointed to a 0.05% dip, S&P 500 futures signaled a 0.11% fall, while the Nasdaq 100 futures indicated a 0.06% loss. 

Markets were jittery ahead of the outcome of the Fed’s two-day policy meeting on Wednesday, amid expectations for a small reduction in the bank’s stimulus program.

U.S. stocks gained ground on Monday after former U.S. Treasury Secretary Lawrence Summers withdrew from the contest to succeed Ben Bernanke as the next chairman of the U.S. central bank.

Summers was perceived as being likely to unwind economic stimulus measures more aggressively than the other main contender for the post, Janet Yellen. 

The financial sector was likely to be in focus, following reports two former JPMorgan Chase traders were indicted for engaging in a securities fraud to hide trading losses that eventually surpassed USD6.2 billion on wrong-way derivatives bets last year. 

JPMorgan shares were down 0.08% in pre-market trade. 

Auto stocks were also expected to be active, after a report showed European car sales fell to a record low last month. The news sent shares in Ford Motor Company down 0.17% in early trading. 

Elsewhere, Mosaic Co. added to pre-market losses, tumbling 1.71% after the fertilizer producer cut its quarterly forecast for potash and phosphate sales and prices. 

Other stocks likely to remain in focus included FacSet, Coty and Adobe Systems, scheduled to report earnings later in the day. 

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slipped 0.26%, France’s CAC 40 shed 0.32%, Germany's DAX fell 0.18%, while Britain's FTSE 100 declined 0.31%. 

During the Asian trading session, Hong Kong's Hang Seng Index slid 0.31%, while Japan’s Nikkei 225 Index retreated 0.65%. 

Later in the day, the U.S. was to release data on consumer price inflation.