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US stock futures rose modestly as investors looked ahead to the Federal Reserve's next interest rate decision, the first to be delivered under Chair Kevin Warsh.
Futures attached to the Dow Jones Industrial Average (YM=F) and the benchmark S&P 500 (ES=F) ticked up 0.1%. Futures attached to the tech-heavy Nasdaq 100 (NQ=F) rose 0.2%.
The central bank is widely expected to hold rates steady on Wednesday. As a result, investors will focus on discerning Warsh's view of monetary policy and whether rate hikes could be on the horizon. Hot inflation data amid the war with Iran, combined with signs of a steady job market, has taken rate cuts off the table.
Meanwhile, stocks lost some momentum on Tuesday as uncertainty around the US-Iran deal tempered Monday's optimism that the backlog in the Strait of Hormuz could be cleared quickly.
The US and Iran are aiming to formally sign the agreement Friday. Bloomberg reported the text of the 14-point memorandum on Tuesday evening.