Stock market today: US futures slip away from records with Fed decision in focus

US stock futures drifted lower on Tuesday, setting the stage for a retreat from record highs as investors waited for the start of a Federal Reserve meeting that should signpost the path of interest rates. Futures on the S&P 500 and the tech-heavy Nasdaq 100 both fell roughly 0.3% on the heels of notching all-time closing highs. Dow Jones Industrial Average futures dropped 0.4%.

The two-day Fed policy meeting that kicks off Tuesday is heavily expected to end with borrowing costs kept at their two-decade high. Investors will still watch out for hints on when a shift to cuts will come, with September or November in the frame. Read more: How does the labor market affect inflation? Investors calculating the rate-reduction odds are also looking ahead to May consumer price data due out on Wednesday, given its crucial role in the Fed's deliberations.

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