Overload Tuesday
Investors have lots of places to look for direction, including OPEC, the Fed, Bush and Google.

NEW YORK (CNNMoney.com) - Investors have a lot to consider Tuesday from a collection of sources as diverse as the Federal Reserve and OPEC, President Bush and Google.

U.S. stock futures were little changed in early trading, indicating a mixed or flat opening for U.S. markets.

Oil prices were lower as OPEC oil ministers gathered in Vienna, Austria, reportedly agreed to maintain production levels.

The March light crude futures contract for NYMEX gained 10 cents to $68.45 a barrel in electronic trading, while the March contract for Brent crude lost 8 cents to $68.45.

The Fed will conduct its last meeting with Alan Greenspan as chairman. While another quarter-percentage point rate hike is virtually guaranteed, investors will be closely watching the Fed's statement for clues as to future rate hikes, especially after last week's report showing much weaker than forecast U.S. gross domestic product in the fourth quarter. A statement is due around 2:15 p.m. ET

Among the parts of the statement that will be closely watched will be whether it says that further "policy firming," or rate hikes, are needed, as investors look for signs that the Fed has reached the end of its policy of measured rate hikes that began in June 2004. But some economists believe that even the absence of that phrase may not spur a market rally.

"It could be seen as the Fed not wanting to tie (Ben) Bernanke's hands," said Wachovia Corp. economist Jay Bryson, referring to the new Fed Chairman nominee, who is expected to be confirmed as Greenspan's successor in a Senate vote Tuesday. "I can't imagine there will be much market reaction."

Bryson said the market will get more excited if the Fed mentions signs of economic weakness in some recent reports like GDP, or if it drops the language of recent statements that "the expansion in economic activity appears solid."

"If they do that, then maybe investors look at that and say, 'Oh, wow, maybe we are done,'" said Bryson.

After the close Tuesday, tech bellwether Google (Research) reports financial results. The company has beat forecasts every quarter since becoming a public company.

And Tuesday night, President Bush is set to deliver the State of the Union address. Bryson said he doubts the market is expecting much of a surprise in the way of policy initiatives from the speech. Bush has already said he will push for Congress to make permanent previously-approved tax cuts.

"These things are pretty well telegraphed in advance," he said.

Major markets in Asia closed mostly higher Tuesday, although many markets continued to be closed for the lunar new year. Honda (Research), Japan's No. 3 automaker, reported stronger than expected earnings and raised its guidance for this quarter.

Major European markets were slightly higher in early trading, with wireless equipment maker Ericcson (Research) reported better than expected gain in earnings.

In other economic news, the government reports on the fourth quarter employment cost index. Economists surveyed by Briefing.com forecast that the closely watched measure of wages gained 0.9 percent in the period after a 0.8 percent in the third quarter.

Treasury prices fell, lifting the yield on the benchmark 10-year note to 4.53 percent, from 4.52 percent late Monday. The dollar was down against both the euro and the yen.

For a more detailed look at the markets before the open, click hereTop of page

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