09:09 AM EDT, 09/17/2024 (MT Newswires) -- US equity futures posted gains before Tuesday's opening bell as traders looked ahead to the Federal Reserve's decision on monetary policy.

Dow Jones Industrial Average futures gained 0.3%, S&P 500 futures increased 0.4%, and Nasdaq futures were up 0.6%.

The policy-setting Federal Open Market Committee is scheduled to start its two-day meeting on Tuesday, which will be followed by a monetary policy statement at 2 pm ET on Wednesday.

Oil prices were little changed, with front-month global benchmark North Sea Brent crude down 0.03% to $72.61 per barrel and US West Texas Intermediate crude up 0.1% at $69.12 per barrel.

The monthly retail sales report, released at 8:30 am ET, showed a 0.1% uptick in August following a 1.1% jump in July, compared with estimates compiled by Bloomberg for a 0.2% drop.

Industrial production, slated for 9:15 am ET, is expected to edge 0.2% higher in August versus July's 0.6% drop.

Business inventories, due at 10 am ET, are expected to rise 0.3% in July to match June's increase. Forecasters see the housing market index coming at 41 in September after August's 39 print.

In other world markets, Japan's Nikkei closed 1% lower, Hong Kong's Hang Seng ended 1.4% higher, while the Chinese market was closed for holiday. UK's FTSE 100 rose 0.6% and Germany's DAX index increased 0.7% in Europe's early afternoon session.

In equities, shares of Intel ( INTC ) were 4% higher pre-bell on the chipmaker's plan to form Intel Foundry as an independent business unit and on its expanded partnership with Amazon's ( AMZN ) cloud computing unit to produce custom artificial intelligence chips. Hewlett Packard Enterprise ( HPE ) shares rose 3.8% after BofA Securities lifted its rating on the company's stock to buy from neutral.

On the losing side, Netcapital ( NCPL ) shares slumped 27% after the company reported a wider fiscal Q1 loss on lower revenue. Dermata Therapeutics ( DRMA ) shares were down more than 13% after the company priced a $3.5 million private placement of common shares and warrants.