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The major U.S. index futures are currently pointing to a lower open on Wednesday, with stocks likely to move back to the downside following the rebound seen in the previous session.

Concerns about the outlook for interest rates may weigh on the markets ahead of the Federal Reserve’s monetary policy announcement this afternoon.

With the Fed widely expected to leave interest rates unchanged, traders will pay close attention to the accompanying statement as well as Fed Chair Jerome Powell’s post-meeting press conference.

Recent economic data has led to worries about the Fed leaving rates on hold for a prolonged period, but many economists still expect the central bank to resume cutting rates sometime in the first half of the year.

CME Group’s FedWatch Tool is currently indicating a 75.3 percent chance rates will be lower by at least a quarter point following the Fed’s June meeting.

The downward momentum on Wall Street also comes as traders look ahead to the release of earnings news from big-name companies like Microsoft (NASDAQ:MSFT), IBM (NYSE:IBM), Meta Platforms (NASDAQ:META) and Tesla (NASDAQ:TSLA) after the close of today’s trading.

After seeing considerable weakness in the previous session, stocks showed a strong move back to the upside during trading on Tuesday. The tech-heavy Nasdaq led the way higher after posting a particularly steep loss on Monday.

The Nasdaq surged 391.75 points or 2.0 percent to 19,733.59, partly offsetting the 3.1 percent plunge seen during Monday’s session. The S&P 500 also jumped 55.42 points or 0.9 percent to 6,067.70, while the narrower Dow rose 136.77 points or 0.3 percent to 44,850.35.

The strength on Wall Street came as some traders looked to pick up technology stocks at somewhat reduced levels following the sell-off seen in the sector during Monday’s trading.

Shares of Nvidia (NASDAQ:NVDA) soared by 8.8 percent after the AI darling and market leader plunged by 17.0 percent in yesterday’s session.

Buying interest was somewhat subdued, however, as traders looked ahead to the Federal Reserve’s monetary policy announcement on Wednesday.

In U.S. economic news, a report released by the Commerce Department unexpectedly showed a steep drop by new orders for U.S. manufactured durable goods in the month of December amid a nosedive by orders for transportation equipment.

The Commerce Department said durable goods orders plunged by 2.2 percent in December after tumbling by a revised 2.0 percent in November.

Economists had expected durable goods orders to climb by 0.8 percent compared to the 1.2 percent slump that had been reported for the previous month.

However, excluding the steep drop by orders for transportation equipment, durable goods orders rose by 0.3 percent in December after edging down by 0.2 percent in November. Ex-transportation orders were expected to increase by 0.4 percent.

The Conference Board also released a report showing its U.S. consumer confidence index decreased from a notably upwardly revised level in January.

The report said the consumer confidence index slid to 104.1 in January from an upwardly revised 109.5 in December.

Economists had expected the consumer confidence index to climb to 106.3 from the 104.7 originally reported for the previous month.

Software stocks turned in some of the market’s best performances on the day, resulting in a 3.0 percent surge by the Dow Jones U.S. Software Index.

Considerable strength was also visible among brokerage stocks, as reflected by the 1.3 percent gain posted by the NYSE Arca Broker/Dealer Index.

Semiconductor and networking stocks also regained ground following yesterday’s sell-off, while airline stocks showed a significant move to the downside, dragging the NYSE Arca Airline Index down by 2.4 percent.

Oil producer, commercial real estate and pharmaceutical stocks also saw notable weakness, partly offsetting the strength in the aforementioned sectors.

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