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Stock market today: US futures retreat in countdown to Fed meeting

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Investors are waiting with baited breath for the Fed's big decision.

US stock futures pulled back on Tuesday from a rebound, as investors marked time waiting for a crucial Federal Reserve policy meeting to kick off. S&P 500 futures slid roughly 0.4%, while those on the Dow Jones Industrial Average fell 0.2%, coming off a winning day for the major gauges. Futures on the tech-heavy Nasdaq 100 dropped about 0.6% as Nvidia shares retreated in the wake of AI updates from its annual developer conference.

With policymakers widely expected to keep rates at their historic highs, the focus is on the "dot plot" for any clues to the number and timing of any cuts this year. The central bank's policy decision is due Wednesday at 2 p.m. ET. Meanwhile, the Bank of Japan ended its era of negative rates with its first hike in 17 years, making a splash in a week packed with central bank decisions.

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