09:07 AM EDT, 06/17/2025 (MT Newswires) -- US equity futures were down before Tuesday's opening bell as the Federal Reserve begins its meeting to discuss monetary policy while the ongoing Israel-Iran conflict continued to dampen investor sentiment.

Dow Jones Industrial Average futures, S&P 500 futures, and Nasdaq futures were all down nearly 0.5%.

Investors continued to monitor the ongoing Israel-Iran conflict, which has already entered its fifth day as the two countries continued to exchange attacks.

The policy-setting Federal Open Market Committee kicks off its two-day meeting Tuesday.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.6% at $74.37 per barrel and US West Texas Intermediate crude 1.5% higher at $71.28 per barrel.

The May retail sales report, released at 8:30 am ET, showed a 0.9% month-over-month decrease in retail sales following a 0.1% decline in April, compared with estimates compiled by Bloomberg for a 0.6% decrease. Import prices were flat in May versus estimates for a 0.2% decline, while export prices decreased 0.9% against estimates for a 0.2% decline.

The May industrial production report, due at 9:15 am ET, is expected to show a flat reading for the month to match the April report.

The housing market index, slated for 10 am ET, is expected to come in at 36 for June versus a 34 level in May. Meanwhile, no change is expected for business inventories for April.

In other world markets, Japan's Nikkei closed 0.6% higher, Hong Kong's Hang Seng ended 0.3% lower, and China's Shanghai Composite finished 0.04% lower. Meanwhile, the UK's FTSE 100 was down 0.2%, and Germany's DAX index was 0.9% lower in Europe's early afternoon session.

In equities, Verve Therapeutics ( VERV ) shares were 76% higher pre-bell after the company agreed to be acquired by Eli Lilly ( LLY ) for up to $1.30 billion. BGSF ( BGSF ) stock was up 33% after the company said late Monday it has agreed to sell its Professional Division to Inspyr Solutions for $99 million.

On the losing side, shares of Enphase Energy ( ENPH ) , SolarEdge Technologies ( SEDG ) , and Sunrun ( RUN ) were down 20%, 31%, 36%, respectively, after the US Senate Finance Committee proposed a phase-out of solar and wind energy tax credits by 2028 as part of changes made to President Donald Trump's tax-cut and spending bill.