May 1 (Reuters) - Futures for Canada's main stock index

dipped on Wednesday, ahead of the U.S. Federal Reserve's

interest rate decision later in the day, while investors awaited

more domestic economic data to gauge the strength of the

Canadian economy.

June futures on the S&P/TSX index were down 0.3% at

6:39 a.m. ET (10:39 GMT).

All eyes will be on the U.S. Fed's decision, due at 2 p.m.

ET, where the central bank is widely expected to hold the

interest rates steady. Money markets now see only one 25 basis

points rate cut in 2024, according to CME's Fedwatch Tool.

"Central bankers have made it very clear that interest rates

will not be lowered until there is substantial evidence that

inflation is trending lower, and robust recent economic data has

failed to provide it," said Richard Flynn, managing director at

Charles Schwab UK.

S&P Global's manufacturing data for Canada will also be on

investors' radar during the opening bell.

Energy shares will be in focus as oil prices fell

more than 1% on hopes of a ceasefire agreement in the Middle

East and on rising crude inventories and production in top

consumer the United States.

The materials sector may witness an impact as

most base metals fell on a firmer dollar which made

greenback-priced commodities more expensive for buyers holding

other currencies.

Across the border, U.S. stock index futures slid as downbeat

results dragged chip stocks and markets exercised caution ahead

of the Fed decision.

The Toronto Stock Exchange's S&P/TSX composite index

ended 1.4% lower on Tuesday, logging their worst day

in 11 weeks. For April, the index was down 2%, its first monthly

decline since October.

COMMODITIES AT 6:39 a.m. ET

Gold futures: $2,302.1; flat

US crude: $80.77; -1.4%

Brent crude: $85.25; -1.3%

($1= C$1.3769)