Stock futures in the United States traded in the negative territory before stock markets opened Tuesday, as traders watched for cues from a two-day meeting of the Federal Reserve’s Federal Open Market Committee (FOMC), which begins Tuesday, as well as a flurry of key economic data, also to be released Tuesday.

The FOMC meet is expected to finish Wednesday afternoon, and announcement of decisions from the meet and a press conference by the Fed chairwoman would follow.

Some of the key data scheduled for release includes U.S. producer price index, retail sales and the Empire State manufacturing survey, all of which will be released at 8:30 a.m. EDT. Data for business inventories and the housing market index will be released at 10 a.m. EDT.

Nasdaq futures were trading 0.37 percent lower, S&P 500 futures were down 0.51 percent and Dow Jones futures were lower by 0.39 percent at 7:37 a.m. EDT Tuesday.

Meanwhile, in Europe, the FTSE 100 in the United Kingdom was down 0.62 percent, Germany’s DAX was lower by 0.5 percent while the French CAC 40 was down 0.89 percent in afternoon trade.