US stock futures pulled back on Tuesday from a rebound, as investors marked time waiting for a crucial Federal Reserve policy meeting to kick off.
S&P 500 (^GSPC) futures slid roughly 0.4%, while those on the Dow Jones Industrial Average (^DJI) fell 0.2%, coming off a winning day for the major gauges. Futures on the tech-heavy Nasdaq 100 (^NDX) dropped about 0.6% as Nvidia (NVDA) shares retreated in the wake of AI updates from its annual developer conference.
Attention is firmly on the Fed’s two-day meeting beginning later Tuesday morning, seen as a test for stocks bruised by recent inflation surprises that undermined bets on interest-rate cuts coming soon.
With policymakers widely expected to keep rates at their historic highs, the focus is on the “dot plot” for any clues to the number and timing of any cuts this year. The central bank’s policy decision is due Wednesday at 2 p.m. ET.
Meanwhile, the Bank of Japan ended its era of negative rates with its first hike in 17 years, making a splash in a week packed with central bank decisions.
In cryptocurrencies, bitcoin (BTC-USD) continued to pull back from its recent record high, falling over 7% to hover just above $63,000, on track for its biggest one-day loss in two weeks. Shares of crypto-linked companies Coinbase (COIN) and Marathon Digital (MARA) lost ground alongside the token.
On the corporate front, shares of Unilever (UL) popped after the Ben & Jerry’s maker said it would cut jobs and spin off its ice cream unit.