Live news: Oil prices fall after US crude inventories reach highest level since June

Fed decision: The US Federal Reserve is expected to keep the federal funds rate on hold at the conclusion of its two-day meeting. After a series of hotter than expected employment and inflation figures, investors will be listening for clues on when the central bank expects to cut interest rates.

US employment: US government data is expected to show that job openings in March edged down to 8.69mn from 8.75mn in February. Separately, ADP will release its US employment report for April, which will give some insight into the labour market before the official government figures on Friday. Private payrolls are expected to have added 175,000 jobs in April, compared with the 184,000 jobs added in March.

Pfizer: The pharmaceutical company is expected to report that quarterly revenue declined 23.4 per cent from the same period last year to $14bn, according to LSEG, as the company faces weak demand for its Covid-19 vaccine and antiviral medicine.

Other companies: CVS Health, KKR, Marriott International, Estée Lauder, Kraft Heinz, Yum Brands, and Norwegian Cruise Line will report earnings before the bell. DoorDash, eBay and Etsy will report after the markets close.

Manufacturing: Activity in the US manufacturing sector is expected to have remained in expansion territory, but April’s reading is forecast to have ticked down 0.3 percentage points to a reading of 50.