07:37 AM EDT, 06/17/2025 (MT Newswires) -- US equity futures were tracking in the red on Tuesday ahead of the Federal Reserve's latest two-day monetary policy meeting, while investors continue to monitor developments in the ongoing conflict between Israel and Iran.

The S&P 500 and the Nasdaq declined 0.6% each in premarket activity, while the Dow Jones Industrial Average was off 0.7%. The indexes finished the previous trading session higher. US markets will be closed on Thursday for the Juneteenth National Independence Day holiday.

The Israel-Iran conflict entered its fifth day as the two countries continued to exchange attacks, multiple media publications reported Tuesday. Israel launched airstrikes across Iran last week, targeting its military infrastructure and nuclear facilities, with Tehran firing missiles at Tel Aviv in response.

US President Donald Trump said in an early Tuesday post on Truth Social that he hasn't reached out to Iran for peace talks "in any way, shape, or form." Trump previously rejected French President Emmanuel Macron's suggestion that he left the G7 summit early to work on a ceasefire in the Middle East.

Several media publications reported Monday that Iran, through Arab intermediaries, signaled its willingness to resume negotiations over its nuclear programs as long as the US doesn't join Israel in the attacks.

West Texas Intermediate crude oil rose 1.6% to $72.93 a barrel before Tuesday's opening bell, while Brent gained 1.8% to $74.52. The Organization of the Petroleum Exporting Countries on Monday trimmed its global oil demand projections for 2025.

The Fed's monetary policy committee is scheduled to kick off its meeting on interest rates today, with a decision due Wednesday. Markets are widely expecting the central bank to hold the benchmark lending rate steady, according to the CME FedWatch tool.

Traders also await commentary from Fed Chair Jerome Powell on Wednesday about the economic outlook amid trade and geopolitical uncertainties. Trump has repeatedly called for the Fed to cut rates.

Treasury yields were down premarket, with the two-year rate retreating 2.1 basis points to 3.95% and the 10-year rate dropping 3.2 basis points to 4.42%.

Meanwhile, the White House on Monday announced a trade deal with the UK that formally lowered some tariffs on British imports. The two countries reached an agreement on general terms for a deal last month.

The retail sales and import and export prices reports, both for May, post at 8:30 am ET, followed by the industrial production bulletin for the same month at 9:15 am. Tuesday's economic calendar also has the business inventories report for April and the housing market index for June.

Shares of Advanced Micro Devices ( AMD ) added 0.5% pre-bell after closing the previous trading session up 8.8%. Lennar ( LEN ) rose 2.2% as the homebuilder reported better-than-expected fiscal second-quarter revenue.

Jabil ( JBL ) and John Wiley & Sons ( WLY ) are expected to report their latest financial results before the bell, among others, while La-Z-Boy ( LZB ) posts earnings after the markets close.

Gold slipped 0.1% to $3,413 per troy ounce, while bitcoin fell 2.6% to $105,866.