07:57 AM EST, 12/17/2024 (MT Newswires) -- US equity futures were cautiously lower premarket Tuesday as the Federal Reserve is set to kick off its policy-setting meeting to discuss interest rates.

Dow Jones Industrial Average futures were down 0.4%, S&P 500 futures slipped 0.3%, and Nasdaq futures were 0.2% lower.

The Federal Open Market Committee will start its two-day meeting this Tuesday and is scheduled to release a policy statement at 2 pm ET the following day. Forecasters are expecting a 25-basis-point interest rate cut.

Oil prices were lower, with front-month global benchmark North Sea Brent crude down 1.1% at $73.09 per barrel and US West Texas Intermediate crude 1.8% lower at $69.58 per barrel.

Retail sales, scheduled for release at 8:30 am ET, are expected to rise by 0.6% month over month in November following a 0.4% gain the previous month, according to estimates compiled by Bloomberg.

Industrial production, slated for 9:15 am ET, is seen gaining 0.3% in November, reversing the 0.3% downtick in the previous month.

Business inventories, due at 10 am ET, are expected to edge 0.2% higher in October. Forecasters see the US housing market index coming in at 47 in December versus 46 posted previously.