Dow Futures Slip Triple Digits Ahead of Fed Meeting

Stock futures are lower ahead of the bell, pulling back from yesterday's modest gains, which saw the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) eke out record closes. Futures on the Dow Jones Industrial Average (DJIA) are down triple digits at last look, with investor focus on the Federal Reserve ahead of the two-day policy meeting kicking off today. 

• 2 levels to watch ahead of Fed decision.
• Call traders blast Apple stock amid WWDC.
• Plus, GM buys back shares; LLY rises on FDA praise; and SHOP's land a fresh bull note. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw 1.5 million call contracts and 899,888 put contracts exchanged on Monday. The single-session equity put/call remained at 0.58, while the 21-day moving average stayed at 0.69.
2. General Motors Co (NYSE:GM) is up 1.3% premarket, after the auto maker announced a $6 billion share buyback plan. Looking to extend last session's more than two-year highs, GM is up 32.4% year to date. 
3. Pharmaceutical giant Eli Lilly & Co (NYSE:LLY) is up 2% before the bell, after a panel of Food & Drug Administration (FDA) advisers unanimously backed the company's Alzheimer's drug, donanemab. Since the start of the year, the equity is up 48.4%. 
4. Shopify Inc (NYSE:SHOP) is 1% higher in electronic trading, after J.P. Morgan Securities initiated coverage with an "overweight" rating and price target of $74. Should these gains hold, SHOP will notch its 11th consecutive daily win. 
5. All of the economic data on tap this week. 

Investors Keep an Eye on Bank Policies Overseas

Asian markets were mixed on Tuesday, ahead of this week's interest rate decisions from the U.S. Federal Reserve and Bank of Japan (BoJ). Japan’s Nikkei edged 0.3% higher, while South Korea’s Kospi added 0.2%. China’s Shanghai Composite shed 0.8% as investors returned from a holiday, and Hong Kong’s Hang Seng dropped 1%.

European markets are lower at last look. The U.K.'s annual wage growth is focus, remaining the same from February to April, while the unemployment rate edged higher for the quarter -- both of which could influence the Bank of England’s (BoE) economic policies. France’s CAC 40 was last seen down 1.1%, London’s FTSE 100 is 0.9% lower, and the German DAX is on track for a 0.7% loss.