(Reuters) – U.S. Stock Index futures edged up on Tuesday, ahead of Federal Reserve’s 2-day policy meeting. Investors also assessed the consequences from China’s new COVID-19 restrictions.

The 91% likelihood of the U.S. central banking raising its rate by 25 basis points at Wednesday’s meeting is reflected in traders. Investors are more likely to concentrate on projections of how high policymakers expect rates to go this year, 2023, and 2024 in order to manage inflation.

The first rate increase since 2018 will be a boon for big banks. However, megacap names are expected to trade mixed. Microsoft Corp Meta Platforms Inc and (NASDAQ:) both saw 0.7% gains to be leaders among tech giants.

United Airlines and Delta Air Lines Inc (NYSE 🙂 both saw their quarterly revenue estimates rise by 2.4% and 2.8% respectively. This reflects a rebound in travel, with the Omicron variant losing its hold on the country.

The Kremlin said it wasn’t too early to predict the outcome of the Ukraine-Russia negotiations to end the conflict that had been raging for weeks.

Marathon Oil The NYSE: fell 4.4% during premarket trading, leading losses for producers of oil and natural gas. Oil prices dropped to $100/barrel after climbing up to $139 last week due fears about disruptions in supply following Western sanctions. [O/R]

The shares of Semiconductor Makers Qualcomm (NASDAQ) Inc, Micron(NASDAQ:), Nvidia [NASDAQ:] Corp and Advanced Micro Devices fell between 0.3% to 0.6% after worries over another round in chip shortages grew following China’s closure of Shenzhen as a key electronics hub. This was done in response to a rise of COVID-19 cases.

7.08 AM ET ET was up 34 points or 0.1%. ET was up 10.5 point or 0.25%. ET was up 57points or 0.44%.

CBOE’s volatility index (also known as Wall Street fear gauge) rose for the third consecutive session.