US stock futures fell ahead of the Federal Reserve meeting. Key Earnings Expected By Investing.com

Investing.com– U.S. stock index futures were lower on Tuesday as the technology sector’s rally ahead of the latest Federal Reserve meeting appeared to be losing steam.

It was down 37 points, or 0.1%, at 05:35 ET (09:35 GMT), down 8 points, or 0.2%, and down 27 points, or 0.2%.

Major Wall Street indexes closed slightly higher on Monday and have closed higher for most of the past three sessions. However, it is still expected to post a loss of between 2.4% and 3.6% in April. This is a hit due to some profit taking after strong gains throughout the first quarter. Especially as traders have priced in expectations of an early rate cut this year.

As the Fed meeting approaches, hopes for a rate cut are fading.

The second half of the conference begins with a two-day policy-setting conference, which may result in a curtailment of activity.

The U.S. central bank is widely expected to keep interest rates steady, but the Fed chair is likely to provide a hawkish signal on the path of interest rates, especially after a series of higher-than-expected inflation numbers.

Investors are weighing the possibility of a rate cut this summer, with September seen as the best month for the Federal Reserve to begin its rate-cutting cycle, Reuters reported.

Higher long-term interest rates don’t bode well for stock markets because they strain economic activity and limit liquidity and thus speculation.

Amazon and Coca-Cola profits confirmed

First quarter earnings season continues on Tuesday with a series of key results expected.

The list of major companies reported include Amazon (NASDAQ:), Coca-Cola (NYSE:), Starbucks (NASDAQ:), Mondelez (NASDAQ:), Eli Lilly (NYSE:), and Advanced Micro Devices (NASDAQ:). There are also 3M Company (NYSE:) and PayPal (NASDAQ:).

Additionally, Paramount Global (NASDAQ:) announced that CEO Bob Bakish has resigned amid ongoing discussions about a potential partnership with David Ellison’s Skydance Media.

HSBC (NYSE:) said Tuesday that Chief Executive Officer Noel Quinn will retire nearly five years after overseeing a major transformation of the bank that dramatically improved its cash position and profits.

Crude stability focused on Israel-Hamas peace talks

Oil prices stabilized on Tuesday after losses in the previous session as focus turned to progress in ceasefire talks between Israel and Hamas.

By 5:35 a.m. ET, U.S. crude oil futures were trading at $82.94 a barrel, up 0.4%, while Brent crude futures were trading at $87.57 a barrel, up 0.4%.

Both benchmarks fell about 1% on Monday after Cairo peace talks between Israel and members of the militant group Hamas prompted traders to unwind some of the geopolitical risk premium in oil prices.

Fears of supply disruptions in the Middle East have been a key factor driving oil prices higher in recent weeks. However, this notion has been somewhat toned down since the conflict between Iran and Israel did not lead to war.

(Ambar Warrick contributed to this article.)