US stock futures crept down as traders awaited the conclusion of the Federal Reserve's two-day policy meeting, which is widely expected to to feature the first interest rate cut of 2025.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all slipped 0.1%.

Wall Street is confident the Fed will announce a rate cut on Wednesday at 2:00 p.m. ET. Analysts expect a slowdown in the labor market to convince policymakers to reduce rates, despite an uptick in inflation. Traders are pricing in a 96% chance of a 25 basis-point cut and a 4% chance of a jumbo reduction.

While a rate cut is seen as practically a done deal, the trajectory of interest rates going forward is less certain. Consequently, investors will also be watching for the release of the Fed's "dot-plot," which will offer insight into how many cuts the central bank anticipates for the rest of 2025.

Wall Street will also be eager to hear Fed Chair Jerome Powell's remarks at a press conference following the decision, which begins at 2:30 p.m. ET.

The Fed's next move comes amid growing concerns over the central bank's independence. While President Trump has lambasted Powell, he has also started to exert more direct influence over the Fed's ranks.

The Senate confirmed Trump's nominee to the Federal Reserve Board in a tight vote on Monday evening, allowing Stephen Miran to vote this week. Before being confirmed, Miran said that he will not resign from his role as a White House advisor during his time at the Fed and instead will take a leave of absence so that he can return to the job later.

At the same time, an appeals court on Monday rejected Trump's attempt to oust Fed governor Lisa Cook over alleged mortgage fraud. Cook thus remains on the board and will partake in policy decisions as court proceedings unfold.

On Tuesday, stocks slipped with Fed policy top of mind for investors. Otherwise, fresh retail sales data came in stronger than expected, though retailers say consumer habits are shifting nonetheless.

On Wednesday, in addition to the Fed decision, investors will receive new data on housing starts as well as earnings from General Mills (GIS) and Cracker Barrel (CBRL). Cracker Barrel made headlines earlier this month following controversy over its now-abandoned logo change.

Looking ahead to the end of the week, Trump and Chinese President Xi Jinping are expected to speak about trade and TikTok on Friday.

Markets across Asia were mixed overnight Tuesday following a reduction in tariffs on Japanese goods and high expectations about the impact of the Fed's rate cut on global trade.

AP Finance reports:

Japan's benchmark Nikkei 225 (^N225) gained 0.2% in morning trading to 44,995.79. The Finance Ministry reported Japan's exports to the U.S. dropped 13.8% in August compared to the same month the previous year, marking the fifth straight month of declines, as auto exports declined amid President Donald Trump's tariffs.

U.S. tariffs on Japanese automobiles and auto parts dropped from 27.5%, the amount Trump initially levied, to 15% this week, still higher than the original 2.5%. Wednesday's data was for the month of August, when the tariffs were higher. Japan's overall exports to the world for the month was little changed, slipping 0.1%, as exports grew to Europe and the Middle East.

Australia's S&P/ASX 200 (^AXJO) slipped 0.7% to 8,812.80. South Korea's Kospi (^KS11) dropped nearly 1.0% to 3,415.71. Hong Kong's Hang Seng (^HSI) surged nearly 0.9% to 26,662.13, while the Shanghai Composite (000888.SS) shed less than 0.1% to 3,858.74.

Read more here.

TechCrunch reports:

Groww, India’s largest retail brokerage firm, is set to test the country’s public markets with a multi-billion-dollar IPO. The listing comes comes just over a year after the company restructured its corporate headquarters from Delaware back to India — a move that could make it the first Indian startup to list at home following a relocation from the U.S.

Backed by Microsoft (MSFT) CEO Satya Nadella and marquee investors including Y Combinator, Ribbit Capital, and Tiger Global, Groww’s listing — expected later this year — is set to double as a major exit opportunity for global venture funds. The three investment firms are offloading about 236 million shares — roughly 5.6% of Groww’s total equity base — per the draft IPO documents filed on Tuesday. That makes them the single largest selling bloc, accounting for about 41% of all shares being offered to the public.

Pine Labs, Razorpay, Meesho, and Zepto are among the Indian startups that have recently shifted their base back home. Walmart-backed PhonePe relocated its headquarters from Singapore to India in 2022, while Flipkart — once its parent and also backed by Walmart — similarly announced plans to move its headquarters from Singapore to India earlier this year.

Last year, Groww became one of the first startups to shift its headquarters back to India from the U.S. The startup paid around $159 million in taxes as part of the move.

Read more here.