Stock futures extended their declines on Tuesday morning as crude oil slumped on higher global production growth forecasts. 

S&P 500 futures were down 0.4%, Dow Jones Industrial Average futures fell 0.35%, and Nasdaq futures declined 0.3%. 

Crude oil fell on Tuesday after the Organization of Petroleum Exporting Countries raised its forecasts for non-member output this year as demand grows and activity in shale production rises. OPEC anticipates non-member production to rise by 400,000 barrels per day, according to its monthly report. Prices have already been under pressure after a weekly reading on domestic supplies showed stockpiles at record levels. 

West Texas Intermediate crude was down 1.4% to $47.72 a barrel on Tuesday morning. 

Producer prices in the U.S. rose at a faster pace than anticipated in February. The Producer Price Index increased by 0.3%, according to the Bureau of Labor Statistics, half the increase of a month earlier but three times higher than estimates. Core prices rose by 0.3%, higher than a targeted 0.2% increase. 

It's likely to be a low-volume day of trading on Wall Street as a blizzard dumps nearly two feet of snow on New York City. Mayor Bill de Blasio declared a state of emergency for the city, warning that the storm could bring 16 inches to 20 inches of snow. Non-essential travel has been banned and the city's schools have been shut. As of 6:30 a.m. EDT, more than 5,000 flights had been cancelled. 

Trading already has been fairly quiet this week as investors sit in wait for the Federal Reserve's announcement on interest rates Wednesday afternoon. Members will convene on Tuesday morning, regardless of the storm, for their two-day meeting to decide on monetary policy. The Fed is widely expected to hike interest rates by 25 basis points, particularly after a robust February jobs report backed up the case for higher rates. The Fed will also release updated forecasts, including the '"dot plot" matrix that visualizes each Fed member's expectations for the pace of future hikes.

 "The Fed will move on Wednesday, which will not be a surprise," said Tom Siomades, head of the investment consulting group of Hartford Funds. "Where all the angst is coming from is whether the Fed shifts from a slow, hyper-cautious approach to something more dynamic and more frequent. The economy is healthy and growing, and the Fed, in my estimation, is moving toward a more normalized approach to the economy by moving away from stimulus and toward managing inflation and making sure the economy does not overheat."

The Congressional Budget Office released its score on the Republicans' American Health Care Act late Monday afternoon and the details refute Donald Trump's promise for everyone to remain on health care. The CBO calculated that 24 million more people will be uninsured by 2026, including 14 million more by 2018. Premiums are expected to jump 20% in the individual market in 2018 and 2019. 

Valeant Pharmaceuticals (VRX) fell more than 10% in premarket trading on Tuesday after activist investor Bill Ackman reported he had liquidated his position in the drug company and plans to eventually step down from the board. 

Ackman, the activist fund manager behind fund Pershing Square Capital Management, steadfastly has supported Valeant over the past year, but said Monday the investment represented a disproportionately large amount of time and resources and he decided to sell its investment and realize a large tax loss.

The company has been struggling in the aftermath of a report issued by short-seller activist Andrew Left of Citron Research in October 2015 alleging a secret relationship between Valeant, a mail-order pharmacy and one of its customers.

MoneyGram International (MGI) - Get Report rocketed more than 20% higher on Tuesday after receiving a bid from Euronet Worldwide (EEFT) - Get Report for more than $1 billion in equity value. The latest offer is 15% higher than a previous deal with Ant Financial Services Group. Euronet has offered $15.20 in an all-cash deal, valuing the company 20% higher than its Monday close. 

Ruby Tuesday (RT) shares rose nearly 20% after the restaurant chain said it would explore strategic alternatives including a sale or merger. The company said it has just begun a strategic review and doesn't plan to make more public comments until the process is completed. Ruby Tuesday also issued preliminary results for the quarter ended Feb. 28, saying that revenue fell to $225.7 million from $272 million a year earlier, and sales at establish locations declined 4%.

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