U.S. stock futures edged lower early Tuesday as investors digested a new wave of corporate earnings and braced for the start of the Federal Reserve’s latest policy meeting.

As of 05:50 ET (09:50 GMT), Dow Jones futures were down 280 points, or 0.7%, while S&P 500 futures slipped 45 points, or 0.8%. Nasdaq 100 futures fell 225 points, or 1.1%, indicating a negative open on Wall Street.

Wall Street Slips as Tariff Concerns Resurface

On Monday, all three major U.S. indices ended in the red as renewed tariff concerns weighed on sentiment. U.S. President Donald Trump’s surprise announcement of a 100% tariff on foreign-made movies added to investor jitters.

The S&P 500 snapped a nine-day winning streak—the longest since 2004—falling 0.6%. The tech-heavy Nasdaq Composite shed 0.7%, while the Dow Jones Industrial Average edged 0.2% lower.

Fed Meeting in Focus

The Federal Reserve begins its two-day meeting Tuesday, with markets widely expecting interest rates to remain unchanged. While Fed Chair Jerome Powell recently indicated a cautious, wait-and-see approach amid tariff-related headwinds, political pressure to ease policy has increased. Both President Trump and Treasury Secretary Scott Bessent have urged the Fed to cut rates.

Given the expectation of a rate hold, investor attention will be firmly on Powell’s post-meeting comments for clues on the Fed’s policy trajectory.

Adding to the economic picture, data released Monday showed stronger-than-expected growth in the U.S. services sector—accounting for over two-thirds of economic activity. However, a rise in prices paid by service providers highlighted lingering inflation concerns, particularly in the context of rising tariffs.

Earnings Season in Full Swing

On the corporate front, investors are eyeing earnings results from DoorDash (DASH) before the opening bell, followed by Advanced Micro Devices (AMD) and Super Micro Computer (SMCI) after the close.

DoorDash made headlines with its announced acquisition of UK-based Deliveroo (ROO) in a $3.9 billion deal, aimed at expanding its international footprint and competitive edge.

Elsewhere:

• Ford Motor (F) slashed its full-year guidance, citing uncertainty surrounding Trump’s tariff policies.
• Palantir Technologies (PLTR) raised its full-year sales outlook, but shares declined in premarket trading after quarterly results missed elevated expectations.
• Mattel (MAT) also fell in early trading after pausing its 2025 guidance due to the uncertain tariff landscape.

Oil Prices Rebound

Crude oil prices bounced back on Tuesday after a sharp decline in the previous session, which was triggered by OPEC+’s decision to fast-track output increases, raising fears of a supply glut.

At 09:50 ET, Brent crude futures were up 2.8% at $61.93 a barrel, while U.S. West Texas Intermediate futures rose 2.9% to $58.76 per barrel. Both benchmarks had fallen to their lowest levels since February 2021 on Monday.

The rebound comes amid reports that Saudi Arabia, the world’s top crude exporter, will lead efforts to unwind more than two years of production cuts. Other OPEC+ members are also expected to ramp up supply in an effort to protect market share amid declining prices. Other OPEC+ members are also expected to ramp up supply in an effort to protect market share amid declining prices.