* Futures up: Dow 29 pts, S&P 5.75 pts, Nasdaq 10 pts
By Abhiram Nandakumar
Jan 26 (Reuters) - U.S. stock index futures edged up on Tuesday as oil prices recovered and ahead of the start of the Federal Reserve’s policy meeting and Apple’s earnings report later in the day.
* Crude prices were hovering slightly above $30 a barrel on hopes that OPEC and non-OPEC producers would agree to tackle a massive supply glut. Shares of Chevron were up 0.9 percent premarket.
* Chinese shares tumbled, dragging down global stocks, after a steep fall in rail freight in the world’s second largest economy raised concerns about a China-led global slowdown.
* U.S. stocks were pulled lower on Monday by energy and materials stocks, wiping out most of last week’s gains.
* The Federal Reserve’s Federal Open Market Committee begins a two-day meeting on interest rates later on Tuesday, its first since raising rates in December, with a statement due on Wednesday.
* While the Fed is not expected to move on rates this week, rattled investors will parse the commentary to gauge the impact of the recent global turmoil on the central bank’s outlook.
* Based on trading in short-term interest-rate futures, investors are expecting the Fed to raise rates only once this year, and not until June, instead of four expected earlier.
* Corporate earnings reports are likely to offer little cheer, with S&P 500 companies expected to report a 4.5 percent drop in quarterly profit.
* Apple is scheduled to report quarterly results after the close, as is AT&T. The iPhone maker’s comments on its China business will be in sharp focus, amid broader concerns of a slowdown in demand.
* Dow component 3M was up 2.7 percent at $141.23 ahead of its results before the bell.
* AIG was up 1.6 percent at $56.23 after the insurer said it would spin off its mortgage insurance unit and sell its broker-dealer network.
* An index on U.S. consumer confidence is expected to have remained unchanged at 96.5 in January. The data is expected at 10:00 a.m. ET (1500 GMT).
Futures snapshot at 6:49 a.m. ET:
* Dow e-minis were up 29 points, or 0.18 percent, with 40,694 contracts changing hands.
* S&P 500 e-minis were up 5.75 points, or 0.31 percent, with 259,733 contracts traded.
* Nasdaq 100 e-minis were up 10 points, or 0.24 percent, on volume of 41,907 contracts.
Reporting by Abhiram Nandakumar in Bengaluru