08:52 AM EST, 12/17/2024 (MT Newswires) -- US equity futures were down ahead of Tuesday's opening bell as the Federal Reserve kicks off its policy-setting meeting.

Dow Jones Industrial Average futures were down 0.5%, S&P 500 futures slipped 0.4%, and Nasdaq futures were 0.2% lower.

The Federal Open Market Committee starts its two-day meeting later Tuesday and is scheduled to release a policy statement at 2 pm ET Wednesday. 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% at $73.19 per barrel and US West Texas Intermediate crude 1.6% lower at $69.53 per barrel.

Retail sales, released at 8:30 am ET, rose by 0.7% month over month in November following a 0.5% gain the previous month, compared with estimates compiled by Bloomberg for a 0.6% gain.

Industrial production, slated for 9:15 am ET, is seen gaining 0.3% in November, reversing the 0.3% decline 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 at 47 in December versus 46 posted previously.

In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.5% lower, and China's Shanghai Composite finished 0.7% lower. Meanwhile, the UK's FTSE 100 fell 0.8% and Germany's DAX index slipped 0.2% in Europe's early afternoon session.

In equities, Portage Biotech ( PRTG ) shares surged more than 180% pre-bell after the company said it had entered into a letter of intent to negotiate an option agreement to sell its iOx Therapeutics subsidiary to Immunova.

On the losing side, Mama's Creations (MAMA) shares were down 16% after the company reported lower fiscal Q3 earnings.