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Stock Futures Slip as Wall Street Buckles Down for Northeast Snowstorm, Fed Meeting

Stock futures moved lower on Tuesday morning, though just barely, in what looked to be a quieter day of trading as the Northeast was getting pummeled by a snowstorm and investors awaited word on interest rates from the Federal Reserve.

S&P 500 futures were down 0.17%, Dow Jones Industrial Average futures fell 0.12%, and Nasdaq futures declined 0.13%.

It's likely to be a low-volume day of trading on Wall Street as a blizzard dumps nearly two feet of snow on New York City. Mayor Bill de Blasio declared a state of emergency for the city, warning that the storm could bring 16 inches to 20 inches of snow. Non-essential travel has been banned and the city's schools have been shut. As of 6:30 a.m. EDT, more than 5,000 flights had been cancelled.

Trading already has been fairly quiet this week as investors sit in wait for the Fed's announcement on interest rates Wednesday afternoon. Members will convene on Tuesday morning for their two-day meeting to decide on monetary policy. The Fed is widely expected to hike interest rates by 25 basis points, particularly after a robust February jobs report backed up the case for higher rates. The Fed will also release updated forecasts, including the '"dot plot" matrix that visualizes each Fed member's expectations for the pace of future hikes.

"The Fed will move on Wednesday, which...