By Fred Imbert and Ryan Browne, CNBC–

U.S. stock futures pared most of their gains Tuesday following the release of weaker-than-expected earnings from banking titan J.P. Morgan Chase.

Dow Jones Industrial Average and S&P 500 futures erased their gains and pointed to a slight decline, while Nasdaq 100 futures indicated a small rise at the open.

J.P. Morgan Chase shares fell 2.1 percent in the premarket after the company reported weaker-than-expected profit for the fourth quarter. The bank’s results come a day after Citigroup posted fourth-quarter profit that beat analyst expectations. Still, its fixed-income revenue fell 21 percent from the previous year as trading conditions deteriorated.

Stock futures initially pointed to solid gains at the open as positive headlines around China alleviated fears of an impending slowdown in the world’s second-largest economy.

China’s National Development and Reform Commission (NDRC) said on Tuesday it would aim to achieve “a good start” for the economy in the first quarter, lifting hopes of further economic stimulus.

Separately, Chinese Premier Li Keqiang said that the government was seeking to establish conditions to help meet its economic goals for 2019, Reuters reported, citing Chinese state television.

Wall Street appeared to track the upbeat sentiment in Europe and Asia. Indexes in both continents were mostly higher on the back of hopes that China would introduce more measures to support its weakening economy.

Figures released earlier this week showed that Chinese exports and imports fell sharply in December, while the country’s trade surplus with the U.S. reached a record high.

The data put pressure on global equities, which broke off from last week’s rally on Monday. Equities stateside kicked off 2019 with strong gains, rebounding from a sell-off last month that briefly pushed the S&P 500 index into bear market territory.

Also weighing on investors is the partial government shutdown, which has entered its 25th day and is the longest shutdown on record. The Democratic Party is at odds with the Donald Trump administration over the president’s proposed $5 billion U.S.-Mexico border wall.

Brexit parliament vote

Traders will also pay considerable attention to political developments in the U.K. British lawmakers are gearing up for a key vote on Prime Minister Theresa May’s Brexit deal Tuesday evening.

Investors widely expect a defeat for the government, but are looking out for the margin of defeat to gauge how negative an impact it could have on the U.K.’s plan to withdraw from the European Union or May’s leadership. Sterling fell 0.1 percent versus the dollar in early morning trade, to $1.2851.

In terms of economic data, producer price index (PPI) inflation and Empire State manufacturing survey numbers are due at 8:30 a.m. Meanwhile, Minneapolis Federal Reserve Bank President Neel Kashkari will give a speech in Rochester, Minnesota, at 11:30 a.m.