Futures on major U.S. indices point to lower opening on Tuesday after a U.K. Statistical Department report showed that the economy shrunk in the fourth quarter.

Futures on the S&P 500 are down 0.43 percent, futures on the Dow Jones Industrial Average are down 0.28 percent and Nasdaq-100 futures are down 0.51 percent.

Investors are likely to focus on the two-day meeting of the Fed which kicks off today and earnings from major firms including DuPont, 3M, Yahoo and Verizon.

Economy in the U.K. grew slower in the fourth quarter, hampered by high inflation and heavy snowfall. GDP growth shrunk by 0.5 percent in the fourth quarter, after rising 0.7 percent in the third quarter.

On the earnings front, DuPont, 3M, Verizon, AK Steel Holding Corp, Coach, Kimberly-Clark and Regions Financial Corp are due to report their quarterly earnings before the markets open, while Yahoo, Stryker, Molex and Gilead Sciences will report their quarterly earnings after the closing bell.

On the economic front, reports on CB Consumer confidence, monthly house price index and Richmond Manufacturing Index will be released after the markets open.

On Monday, U.S. stocks ended with gains, led by clothing retailer JC Penney Co. (NYSE: JCP), Sealed Air Corp. (NYSE: SEE) and International Business Machines (NYSE: IBM).

The euro declined 0.25 percent to 1.3604 against the dollar and the yen gained 0.23 percent against the greenback.

Crude oil futures declined 1.60 percent to $86.46/barrel and gold futures declined 1.53 percent.

European stock markets are currently trading mixed with FTSE 100 down by 33.41 points, DAX30 up by 17.45 points and CAC 40 up by 0.03 points.