(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window) * Futures: Dow flat, S&P dips 0.08%, Nasdaq down 0.23% Jan 26 (Reuters) - U.S. stock index futures edged lower on Tuesday as investors refrained from making big bets ahead of a slew of quarterly earnings from companies, while the Federal Reserve kicked off its two-day policy meeting. General Electric Co rose about 5% after reporting a better-than-expected free cash flow for the fourth quarter, as it benefits from a recovery at its power and renewable energy units. Few if any changes are expected in the central bank’s policy statement at the end of the meeting on Wednesday, with Fed Chair Jerome Powell likely to address inflation in his post-meeting news conference. In a volatile trading session on Monday, the S&P 500 and the Nasdaq closed at record levels. With the S&P 500 trading at 22 times the 12-month forward earnings, concerns about stock bubbles on Wall Street are sparking fears of a pullback. Investors are keeping an eye out for forecasts from corporate America to justify these higher valuations. At 06:27 a.m. ET, Dow E-minis were up 14 points, or 0.05%, and S&P 500 E-minis were down 3 points, or 0.08%. Nasdaq 100 E-minis were down 31.25 points, or 0.23%. Tech heavyweights Microsoft Corp and Advanced Micro Devices Inc were slightly higher ahead of their earnings reports expected after markets close. (Reporting by Devik Jain in Bengaluru)