Updated from 7:00 a.m. EDTPremarket futures were pointing to a higher open for stocks in New York Tuesday as traders geared up for a Federal Reserve meeting and took in solid earnings from energy firm BP ( BP). Futures for the S&P 500 were up 38 points at 873 and were 25 above fair value. Nasdaq futures were up 49 points at 1211 and were 39 ahead of fair value. During a volatile trading session Monday, the three major averages sold off in the last hour, as pessimism about the fate of the global economy took hold of investors. As Tuesday began, the Fed was set to begin deliberations on its interest-rate policy. Many investors expect the Federal Open Market Committee to reduce its target interest rate 50 basis points to 1%. Such a move would signal interest in providing the markets with capital to alleviate the ongoing credit crisis. Meanwhile, the Treasury Department is facing difficulties implementing its $700 billion program to purchase troubled assets from banks, according to a report in The Wall Street Journal. The report indicated that the plan faces delays in hiring managers for the assets. As for earnings, BP, Europe's second-largest oil company, reported third-quarter earnings that increased 83% on high oil and natural gas prices. U.S. Steel ( X) also announced an encouraging third quarter, saying profit more than tripled. However, the company offered softer guidance for the fourth quarter. Whirlpool ( WHR) reported a 7% decline in third-quarter earnings and said it plans to slash 5,000 jobs.