After major indexes rose and oil prices fell below $100 per barrel, stock futures were flat overnight trading.

Futures on the Dow Jones Industrial Average dipped 40 points, while S&P 500 futures fell 0.1% and Nasdaq 100 futures were flat.

This came before a crucial Federal Reserve meeting that took place on Wednesday. The agency is widely anticipated to raise rates by 25%. It will be the first increase in interest rates since 2018. A number of watchers expect the central bank will offer an additional rate hike. new quarterly forecast which could indicate five or six more hikesThis year.

“My guess is it’s going to sound a little more hawkish than people want it to sound and that’s going to be a little tough to digest, particularly in the fixed income markets,” David Zervos, chief market strategist at Jefferies told CNBC’s “Closing Bell” on Tuesday. It might be easier for the equity market to digest, but it will still be hard to swallow.

Expect the Fed to announce an interest rate decision and economic projections at 2 p.m. Tuesday, with a briefing given by Jerome Powell, Federal Reserve Chair.

On Tuesday, however, the oil price dropped. dropping below $100After completing a multiyear high of $130Earlier this month, commodities such as gold which are volatile these days fell 1.59%.

Global oil benchmarks for the U.S. were both below $100/barrel, while Brent crude and West Texas Intermediate fell 6.4% and 6.5% respectively. This fallback placed pressure on certain energy stocks including Exxon ChevronThe sank between 6% and 5.5% Tuesday.

During regular trading on Tuesday, the Dow Jones Industrial Average gained 599 points, or 1.8%, while the S&P 500 jumped more than 2.1%, and broke a 3-day losing streak. Overnight, however, tech-heavy Nasdaq Composite rose 2.9%.

Goldman Sachs analyst Chris Hussey wrote Tuesday that U.S. stocks were trading higher Tuesday due to positive investor reactions to a “Goldilocks” mix of economic data (lower PPI and the eroding Empire Survey) and another sharp decline in oil prices. All these reports suggest that sustained high inflation is less likely than many think.”

The broad market rally on Tuesday was led by strong gains in technology stocks. MicrosoftThe chipmakers witnessed a substantial increase of nearly 4% Nvidia Advanced Micro DevicesThe increase was between 8% and 7 percent. Peloton rose 12% after Bernstein initiated coverage of the stock with an “outperform” ratingAnd Coupa SoftwareDue to a less-than-expected outlook, the market plunged 19%

Investors continued monitoring the current situation in Ukraine Tuesday as Kyiv declared that a 35-hour curfew would be enforced after Russian missile strikes struck several residential buildings. President Joe Biden is in the middle of all this. signed a governmentThe funding bill contained $13.6 million in assistance to Ukraine.

The European leader also stated that they were going to visit Ukraine to meet with the country’sRussia has its president and prime minister expected to likely default on its debtFor the first time in decadesIt is getting close to the Wednesday deadline for 2 payments.

The situation in China was a constant concern for traders. country’s largest manufacturing hubs has shut downIncreasing numbers of Covid-19 cases

Investors will be watching Ukrainian President Volodymyr Zelenskyy address Congress on Wednesday and are awaiting economic data, including the retail sales report for February.