Wall Street futures edged higher on Tuesday, building on momentum from the previous session as expectations for the Federal Reserve's interest rate cuts grew, while investors assessed a new round of major corporate earnings.

The Federal Reserve held interest rates steady again at its July meeting, resisting pressure to cut rates despite growing signs of an economic slowdown. The federal funds rate still remains at a high level when looking over the past decade—between 4.

A dismal July jobs report has lifted expectations for fall rate cuts. But just how low could the fed funds rate be by year's end?