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Eli Lilly ( LLY ) jumps after raising FY profit forecast

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McDonald's down after Q1 sales miss

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Futures down: Dow 0.05%, S&P 0.04%, Nasdaq 0.08%

(Updated at 7:13 a.m. ET/ 1113 GMT)

By Shristi Achar A and Shashwat Chauhan

April 30 (Reuters) - Futures tracking Wall Street's main

indexes were subdued on Tuesday as investors refrained from

placing big bets ahead of the Federal Reserve's interest rate

decision and kept a close eye on a stream of earnings updates.

The Federal Reserve Open Market Committee (FOMC) will

commence its two-day meeting later in the day, with markets

focused on the interest rate verdict and Chair Jerome Powell's

remarks.

Money markets are largely expecting the central bank to

stand pat on interest rates this meeting, while pricing in just

about 35 basis points (bps) of rate cuts this year, down from

about 150 bps estimated at the start of 2024, according to LSEG

data.

"Although the world's largest economy slowed more sharply

than expected in the first three months of the year, key

inflation readings show inflation remains stubborn and that's

dashed hopes for early and multiple rate cuts," said Susannah

Streeter, head of money and markets at Hargreaves Lansdown.

"If interest rates do linger for a lot longer, it (raises)

concerns about the growth prospects for the engine of the global

economy."

On the earnings front, GE HealthCare ( GEHC ) lost 8.4% in

premarket trading after the medical equipment firm missed

estimates for first-quarter revenue, while McDonald's stock

fell 2% for the same reason.

U.S. industrial conglomerate 3M ( MMM ) gained 7.7%

after posting a 21% rise in quarterly profit.

Eli Lilly ( LLY ) added 7% after the drugmaker raised its

full-year profit forecast, betting on surging demand for its

weight-loss treatment Zepbound and type 2 diabetes drug

Mounjaro.

U.S. equities have had a rough April as persistent

inflationary pressures sharply pulled back bets on interest rate

cut hopes, while heightened tensions in the Middle East and

earnings updates also added to the volatility.

All three U.S. stock indexes are poised to record their

first monthly loss in six.

At 7:13 a.m. ET, Dow e-minis were down 19 points,

or 0.05%, S&P 500 e-minis were down 2 points, or 0.04%,

and Nasdaq 100 e-minis were down 13.75 points, or 0.08%.

Tesla shares were down 1.7% in premarket trading on

Tuesday, following a 15% surge in the previous session after a

report that CEO Elon Musk had dismissed two senior executives

and plans to lay off hundreds more employees.

Coursera ( COUR ) shed 13.4% after the online learning

platform forecast full-year revenue below market estimates.

Mosaic added 4.1% after the fertilizer maker said

Saudi Arabia's flagship mining firm Ma'aden would acquire the

U.S.-based company's stake in a phosphate production joint

venture by issuing shares worth about $1.5 billion.