(Reuters) – U.S. stock futures dropped on Tuesday following a series of disappointing earnings reports. Investors were anticipating a significant Federal Reserve interest rate increase this week in order to contain surging prices.

Pfizer Inc (NYSE: ) lost 0.7% premarket trading, as Inc remained true to its annual sales estimates for COVID-19 and Paxlovid.

Estee Lauder Cos Inc fell 9.5% following a cut of its full-year sales forecast by the cosmetics manufacturer due to new coronavirus restrictions in China, and the Ukraine crisis.

The U.S. central banks will begin its two-day policy conference later Tuesday. Traders are expecting a 93.9% probability of 50 basis point increases. For comments about the future course of interest rates, and reduction in balance sheets, Fed Chair Jerome Powell will be speaking at a press conference Wednesday.

It hovered above 3% on Monday after pushing past the psychological threshold for the first time since December 2018. [US/]

Wall Street suffered from uncertainty about Fed’s next policy move, mixed earnings by Big Tech companies, Russia-Ukraine crisis, and pandemic-related lockdowns in China in April.

Last month’s slump in tech-heavy Nasdaq was nearly 13.3%. It was the worst month since October 2008. This is due to rising interest rates putting pressure on high-growth, highly-valued stocks.

Amazon.com (NASDAQ) lost 0.9% on Tuesday in premarket trades, leading to losses for megcap growth stock.

Vladimir Putin, the Russian president has signed an order on retaliatory economic measures against the West. It will prohibit the export of raw materials and products to those and entities it has sanctioned.

At 07:16 AM. ET fell 130 points (or 0.39%) and was down 16.5 point (0.4%), while ET dropped 53.25 points (or 0.41%)

Biogen Inc (NASDAQ 🙂 dropped 3.0% after reporting a 26% decrease in quarterly profit. It also said that its Chief Executive Officer Michel Vounatsos would be stepping down.

DuPont de Nemours, NYSE:), fell 2.9% due to the reduction of its earnings and sales forecasts for fiscal year 2016. This was in response to higher logistic and raw material costs.