U.S. stock futures fell Wednesday as investors await the outcome from the Federal Reserve’s two-day policy meeting and comments from Chair Jerome Powell later in the day.
Futures for the Dow Jones Industrials squeezed up three points to 32,727.
Futures for the S&P inched sank 16.25 points, or 0.4%, to 3,936.25.
The NASDAQ Composite index tumbled 161.5 points, or 1.2%, to 12,979.75.
Apple, Alphabet, Facebook and Netflix all slid at least 1% in pre-market trading. Tesla shed 4% in early trading. Dow Jones Industrial Average futures were flat.
Royal Caribbean and Carnival cruise lines gained about 1% apiece in early pre-market trading Wednesday. Shares of McDonald’s rose 1% after Deutsche Bank upgraded the stock to buy from hold.
The 10-year Treasury yield rose to a fresh 13-month high in early trading. The yield climbed five basis points above 1.67%, the highest since early February 2020 and exceeding its recent high on Friday of 1.642%.
On Wednesday, the Fed will release new economic and interest rate forecasts, which could indicate Fed officials expect to raise rates by, or even before, 2023. The central bank is expected to acknowledge stronger growth, which should put the Fed’s easy policies in the spotlight, especially given the new $1.9-trillion in federal stimulus spending.
Overseas, In Japan, the Nikkei 225 dipped more than six points Wednesday while in Hong Kong, the Hang Seng grasped more than six points.
Oil prices docked 58 cents to $64.22 U.S. a barrel.
Gold prices lost $4.20 to $1,726.70 U.S.