08:11 AM EDT, 05/06/2025 (MT Newswires) -- US equity futures were lower pre-bell Tuesday as the Federal Reserve kicks off its two-day Federal Open Market Committee rate policy setting meeting.

Dow Jones Industrial Average futures fell 0.8%, S&P 500 futures slipped 0.8%, and Nasdaq futures were down 1.2%.

The FOMC is scheduled to release a policy statement at the conclusion of its meeting at 2 pm Wednesday. Pundits are expecting no change in the Federal Funds target rate range of 4.25% to 4.5%.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 2.1% at $61.52 per barrel and US West Texas Intermediate crude 2.3% higher at $58.43 per barrel.

US trade deficit, scheduled for release at 8:30 am ET, is seen widening to $136.8 billion in March from $122.7 billion previously, according to estimates compiled by Bloomberg.