Updated from 6:10 a.m. EST
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Here are five things you must know for Tuesday, Nov. 29:
1. -- Oil prices tumbled Tuesday on reports that Russia's oil minister wouldn't attend the OPEC meeting in Vienna on Wednesday, raising doubts that an agreement on production cuts among the world's biggest producers can be reached.
Crude oil in the U.S. early Tuesday 1.8% to $46.25 a barrel.
OPEC aims to limit production to 32.5 million to 33 million barrels a day, though some countries have reportedly expressed resistance to the production cuts as they are hesitant to cede market share. The bloc pumped a record 33.83 million barrels a day of oil last month.
"We now see a very low chance for an OPEC cut," Bjarne Schieldrop, chief commodities analyst at Nordic bank SEB, told Reuters.
Saudi Arabia's oil minister on Monday cast doubt on an agreement being reached Wednesday.
Instead of cutbacks, Khalid Al-Falih said OPEC should sit back and let demand drive up prices "without an intervention from OPEC."
2. -- U.S. stock futures pointed to a mild rebound Tuesday as oil prices declined and Wall Street awaited revised third-quarter U.S. GDP data.
The Dow Jones Industrial Average and S&P 500 on Monday fell for the first time in five sessions.
The economic calendar in the U.S. on Tuesday includes the second estimate of third-quarter GDP at 8:30 a.m. EST, the Case-Shiller 20-City Index for September at 9 a.m., and Consumer Confidence for November at 10 a.m.
The first estimate of third-quarter GDP came in at 2.9%, the fastest pace in two years. Economists surveyed by FactSet expect GDP to be revised higher to 3%.
Federal Reserve Vice Chair Stanley Fischer is scheduled to speak to the Clearing House annual conference in New York at 7:45 a.m.
Tiffany (TIF) posted third-quarter earnings of 76 cents a share, topping analysts' forecasts by 9 cents. Revenue of $949.3 million also beat estimates. Same-store sales in the quarter fell 2% though came in better than forecasts.
The stock rose 3.6% in premarket trading on Tuesday.