Stock market today: US futures hit pause with Fed in focus, Amazon earnings on deck

US stocks hit pause on Tuesday as investors marked time ahead of the Federal Reserve's rate decision, with earnings from Amazon on deck to test prospects for a further Big Tech-fueled rally. Futures on the S&P 500 and the tech-heavy Nasdaq 100 slipped roughly 0.1% after closing with small gains. Dow Jones Industrial Average futures wavered below the flatline.

Investors are bracing for policymakers to hold interest rates at historically elevated levels at the Fed's two-day meeting, set to start on Tuesday. The prospect of rate cuts has retreated dramatically since the start of the year, helping drive up Treasury yields — a familiar systemic problem for stocks. The yield on the 10-year Treasury held near six-month highs around 4.63% early Tuesday.

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