Stocks poised for lackluster start

NEW YORK (CNNMoney.com) -- U.S. stocks were poised for a lackluster open Tuesday, as investors moved to the sidelines ahead of key housing data and a two-day Federal Reserve meeting.

Dow Jones industrial average (INDU), S&P 500 (SPX) and Nasdaq (COMP) futures were slightly lower before the opening bell.

Futures measure current index values against perceived future performance.

U.S. stocks had another up-and-down session on Monday. Stocks opened higher after China said it would let its currency rise against the dollar, but then gave up gains in the final hour as investors turned jittery.

Volatility is likely to continue Tuesday as the market searches for direction, said Philip Isherwood, equities strategist at Evolution Securities.

"There is less conviction about China's announcement about the Chinese renminbi, so it looks like the market is now just waiting to see if the housing market shows signs of stabilizing," he said.

Economy: A report on existing home sales from the National Association of Realtors is due after the market open.

Sales are expected to have risen to a seasonally adjusted annual rate of 6.1 million units in May, up from a 5.77 million unit rate in April, according to a consensus of economists surveyed by Briefing.com.

The FHFA Housing price index for April is also due in the morning.

White House budget director Peter Orszag plans to step down from his post, an administration official told CNN.

Orszag, a key member of the Obama administration's economic team, will leave in July.

Fed: Investors are likely to hang back as the central bank kicks off a two-day policy meeting Tuesday. The meeting will conclude on Wednesday with the release of the Fed's policy statement.

Economists widely expect the Fed to keep rates at historic lows but there are growing concerns that policymakers have run out of ways to jumpstart a slumping economy.

World markets: European markets fell in morning trading. France's CAC 40 declined 1.2%, the FTSE 100 lost 1.5% and Germany's DAX slipped 0.8%.

Asian shares finished the session mixed. The Shanghai Composite edged higher, but Japan's Nikkei tumbled 1.2% and the Hang Seng in Hong Kong fell 0.5%.

Dollar and Commodities: The dollar rose against the euro and the British pound, but fell versus the Japanese yen.

U.S. light crude oil for July delivery fell $1.14 to $76.68 a barrel on the New York Mercantile Exchange.

COMEX gold for August delivery fell $5.60 to $1,234.30 an ounce.

Bonds: Treasury prices rose, pushing the yield on the 10-year note down to 3.23% from 3.24% on Monday. Treasury prices and yields move in opposite directions.