* Pfizer reports sales below estimates
* Fed's two-day meeting begins later in the day
* Futures up: S&P 6.4 pts, Dow 51 pts, Nasdaq 9.75 pts
NEW YORK, Nov 2 (Reuters) - U.S. stock index futures rose on Tuesday as investors awaited results from the mid-term elections and the outcome of the U.S. Federal Reserve's policy-setting meeting.
* Voters headed to polls on Tuesday in elections that could sweep Democrats from power in Congress and slam the brakes on U.S. President Barack Obama's legislative agenda. Polls indicated Republicans will gain control of the U.S. House of Representatives, while Democrats retain control of the Senate.
* The Fed is expected to announce a program of large-scale asset purchases on Wednesday following a two-day meeting. Expectations the Fed will inject at least $500 billion into the economy are already built into the market.
* Australia's central bank surprised markets by raising its key cash rate to a two-year high of 4.75 percent on Tuesday, saying a modest hike was a prudent move against inflation.
* S&P 500 futures rose 6.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 51 points, and Nasdaq 100 futures rose 9.75 points.
* On the earnings front, Pfizer Inc reported sales far below estimates early Tuesday.
* Investors also awaited quarterly scorecards from Kellogg Co and MasterCard Inc.
* In other earnings news, British oil major BP Plc raised its estimate on the likely cost of its Gulf of Mexico oil spill to $40 billion. Its underlying profit beat expectations on higher refining margins and a lower tax rate.
* Dow Chemical Co expects to earn $3.50 to $5.50 per share per year in the "near term," suggesting a possible widening from a 2012 target of $4 to $4.50 it gave last year.
* Google Inc sued the U.S. government for excluding its products from being considered for a five-year contract worth about $59 million to upgrade the Department of the Interior's email system.
* U.S. securities regulators are investigating whether JPMorgan Chase & Co adequately disclosed that a hedge fund helped to select assets for a $1.1 billion package of subprime mortgages, and the fund also bet against parts of the deal, a investigative journalism website reported.
* European shares edged higher Tuesday as BP and oil major BG Group rose after strong results, while Dutch chemicals group Koninklijke Dsm NV slipped as quarterly operating profit came in at the low end of estimates.
* The benchmark S&P 500 index has risen 12.9 percent since the start of September on hopes for Republican gains in Tuesday's elections and further Fed action. Trading volume was light on Monday, and a 1 percent rally early was erased as investors turned cautious.