US Markets

Futures point to lower open on Wall Street; Trump's economic policies in focus

Stocks tread water as Fed meeting looms

U.S. stock index futures pointed to a lower open on Tuesday amidst growing concerns over U.S. President Donald Trump's ability to implement economic policies.

The long-awaited legislation to repeal and replace Obamacare was unveiled on Monday by U.S. Republicans although it was greeted with immediate criticism from the Democrats.

On the data front, the Commerce Department said on Tuesday the U.S. trade deficit jumped in January to the highest level in nearly five years to $48.5 billion.

On the earnings front, Dick's Sporting Goods posted fourth-quarter earnings and revenue before the bell on Tuesday that beat Wall Street's expectations. Same-store sales for the quarter also beat estimates.

Brown-Forman reported fiscal third-quarter earnings on Tuesday that missed analysts expectations but beat on revenue.

H&R Block, Aerovironment and Urban Outfitters are all due to report after the market close.

Market expectations for a U.S. interest rate hike were at 86.4 percent Monday, according to the CME Group's FedWatch tool. The Fed's monetary policy committee is set to meet between March 14 and 15.

In Europe, the pan-European Stoxx 600 index was around 0.1 percent lower on Tuesday. In Asia, the Shanghai Composite in China closed 0.27 percent higher, while the Nikkei in Japan closed 0.18 percent lower.

In oil markets, Brent crude traded at around $56.27 a barrel on Tuesday, up 0.48 percent, while U.S. crude was around $53.47 a barrel, up 0.51 percent.

— CNBC's Fred Imbert and Berkeley Lovelace contributed to this report.