Investors Gear up for Start of Fed Meeting, Futures Slip

Stock futures inched lower Tuesday as investors await the start of June’s Federal Reserve policy meeting.

Futures for the Dow Jones Industrials shed 124 points, or 0.3%, to 38,805.

Futures for the S&P 500 fell 12.75 points, or 0.2%, at 5,358.50.

Futures for the NASDAQ Composite leaned lower 47.25 points, or 0.3%, to 19,062.50.

This comes as traders prepare for the two-day Fed policy meeting commencing Tuesday. The meeting will conclude on Wednesday with an interest rate policy decision and a subsequent press conference featuring Federal Reserve Chair Jerome Powell.

On the corporate earnings front, traders will monitor results from Oracle and Rubrik slated for after the bell on Tuesday.

Shares of Eli Lilly were up 3% after advisors to the Food and Drug Administration recommended the company’s Alzheimer’s drug donanemab, clearing the way for full approval later this year. The FDA tends to follow the advisory panel’s recommendation but is not required to do so.

In Japan, the Nikkei 225 picked up 0.3% Tuesday, while Hang Seng returned to trading after a long weekend with a loss of 1%.

Oil prices dwindled 33 cents to $77.41 U.S. a barrel.

Gold prices shone brighter $4.50 to $2,331.50 U.S. an ounce.