Stock market today: Wall Street futures fall ahead of Federal Reserve's two-day meeting

U.S. markets traded modestly lower before the bell Tuesday and ahead of the first of a two-day Federal Reserve meeting on where to go with interest rates.

Futures for the S&P 500 and Dow Jones industrials both slipped 0.3% in premarket trading, while the technology-heavy Nasdaq fell 0.5%.

As the Fed prepares to meet Tuesday and Wednesday, the central bank and its chair, Jerome Powell, are faced with an economy that is looking somewhat different than it did at its last meeting just two months ago. Hiring was solid. The economy grew at a solid pace in last year’s final quarter. And inflation, while stubborn, had fallen sharply from its peak more than two years ago.

Now, on-and-off again tariff threats from President Donald Trump and sharp cuts to government spending and jobs have tanked consumer and business confidence, which could weigh on the economy and potentially on what is still a healthy job market.

Stocks have been roiled by worries that Trump’s rat -a- tat announcements on tariffs and other policies are creating so much uncertainty that U.S. households and businesses will hold back on spending, which would hurt the economy.

Fed officials will almost certainly keep their key rate unchanged this week. At the conclusion of the meeting Wednesday, they will release their latest quarterly economic projections, which will likely show they expect to cut benchmark interest rates in the U.S. twice this year.

In equities trading, Tesla faltered again, losing 1.7% before the bell. That follows a 4.8% sell-off the day before on news that China’s energy and auto giant BYD announced an ultra fast EV charging system that it says is nearly as quick as a gas fill up.

Crude prices are higher in Middle East tensions and ahead of what could be pivotal talks between Trump and Russian President Vladimir Putin on a ceasefire in Ukraine. Benchmark U.S. crude adding 78 cents to $68.36 a barrel. Brent crude, the international standard, rose 77 cents to $71.84 a barrel.

Amid the uncertainty, gold continues to climb higher. The price for spot market gold is hitting $3,000 an ounce for the first time ever. Considered a safer haven during global economic uncertainty, the precious metal traded around $3,038 early Tuesday.

In Europe at midday, France's CAC 40 rose 0.5%, Germany's DAX added 1.1% and Britain's FTSE 100 rose 0.4%.

In Asia, Japan's benchmark Nikkei 225 gained 1.2% to finish at 37,845.42.

The Bank of Japan was expected to keep its benchmark interest rate unchanged at a monetary policy board meeting due to wrap up Wednesday.

Shares in major Japanese trading companies rose after Warren Buffett’s Berkshire Hathaway reported increases in its ownership of those companies. Itochu Corp. rose 2.5%, Marubeni Corp. added 3.5%, and Mitsubishi Corp. gained 3.6%, while Mitsui & Co. shares were up 3.1%. The investments, although still under 10% in each company, are seen as an expression of confidence in the Japanese economy.

Elsewhere in Asia, Hong Kong’s Hang Seng jumped 2.5% to 24,740.57, led by buying of tech-related stocks. The Shanghai Composite inched up 0.1% to 3,429.76.

Australia's S&P/ASX 200 rose nearly 0.1% to 7,860.40. South Korea's Kospi inched up less than 0.1% to 2,612.34.

Trading on Indonesia stock exchange was suspended temporarily as the benchmark JSX tumbled as much as 6%. But it bounced back a bit, falling 3.8%.

Investors have been selling shares in state-owned banks after the government launched a sovereign wealth fund, called Danantara, that so far has not proven popular. Worries over U.S. President Donald Trumps tariff increases and other risks have also shaken confidence in the economy, said Budi Frensidy, a professor at the University of Indonesia.

AP writer Niniek Karmini in Jakarta contributed to this report.

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 18, 2025. (AP Photo/Ahn Young-joon)

FTSE market information is displayed inside the London Stock Exchange, in the City of London, Monday, March 17, 2025. (AP Photo/Kin Cheung)

A logo is displayed inside the London Stock Exchange, in the City of London, Monday, March 17, 2025. (AP Photo/Kin Cheung)

FTSE market information is displayed inside the London Stock Exchange, in the City of London, Monday, March 17, 2025. (AP Photo/Kin Cheung)

FTSE market information is displayed inside the London Stock Exchange, in the City of London, Monday, March 17, 2025. (AP Photo/Kin Cheung)

A logo is displayed inside the London Stock Exchange, in the City of London, Monday, March 17, 2025. (AP Photo/Kin Cheung)

Currency traders react near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 18, 2025. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Tuesday, March 18, 2025. (AP Photo/Ahn Young-joon)

BATON ROUGE, La. (AP) — While President Donald Trump says he will take action on Greenland whether its people “ like it or not, " his newly handpicked U.S. special envoy is setting off on his own approach.

Louisiana Gov. Jeff Landry, appointed in December, has said he is not interested in meeting diplomats. The Republican has not visited the Arctic island but plans to attend a dogsled race there in March. He has suggested Greenlanders would feel right at home in Louisiana, saying he heard they like to hunt, fish and “have a good time.”

As Trump threatens seizing control of Greenland, a semiautonomous territory of NATO ally Denmark, Landry has brought his thick Cajun accent and reputation for confrontational politics to the American effort to acquire the world’s largest island, elevating his national profile on a mission that has showcased his ties to the president and rattled partners in the military alliance.

Landry's debut has not escaped Denmark's attention. The Danish ambassador to the United States pushed back on Sunday when Landry posted on X that the U.S. had protected Greenland during World War II “when Denmark couldn’t.”

Landry's "brand fits the political moment and fits neatly with this president’s goal,” said Mary-Patricia Wray, a Louisiana political consultant who has worked with Landry.

The assignment is a test for the first-term governor who climbed to power in Louisiana as a brash conservative but has no significant foreign diplomacy experience beyond economic development trips. Supporters say Landry’s charisma and negotiating chops are a boost to Trump’s aims. But the scope of Landry's role as special envoy and extent of his early outreach are unclear as Trump revives his argument that to ensure its own security, the United States needs to control Greenland.

Landry declined an interview request and his office did not respond to questions about his actions so far as envoy. The White House said Landry’s experience as a governor makes him a strong asset.

“He understands that Greenland is essential to our national security, vital to deterring our adversaries, and that Greenlanders would be better served by U.S. protection in the region,” White House spokeswoman Anna Kelly said.

Others are less impressed.

“You don’t negotiate the future of a country on social media,” said Peter Bisgaard, a former Danish consular officer in New Orleans. “That’s asinine.”

Greenland’s party leaders have firmly rejected U.S. overtures and Danish officials warn that an American takeover of Greenland would end the NATO alliance that has served as the backbone of European security since World War II.

The White House has not ruled out military action in pursuit of Greenland.

Landry, in an interview on the “Brian Kilmeade Show” on Fox News Radio this month, said he wants to provide Greenland's roughly 56,000 residents opportunities to “improve the quality of life" in exchange for expanded U.S. military presence and rare-earth mineral mining access. Drawing on Louisiana's famed cuisine, Landry described his approach to forging ties as “culinary diplomacy."

During eight years as Louisiana’s attorney general, Landry was known for airing out disagreements on social media and for a combative style, defending the state's abortion ban and rollbacks of LGBTQ rights. Since voters elected him governor in 2023, Landry has pushed Louisiana further right and animated critics who accuse him of limiting transparency and ramming through legislation with little public feedback.

Landry’s mentor Fred Mills, a retired Louisiana lawmaker, said they briefly discussed the governor's envoy role.

“If you bring them some crawfish and you start talking Cajun to them, I don’t think they’ll give you the country, but they’re going to like you,” Mills recalled telling Landry. “I can see it elevating his worth on the national level, but I’m struggling to know what’s going to be success.”

Shortly after Trump announced his first presidential campaign in 2015, Landry interviewed him while guest-hosting a local radio show. Their ties have only grown closer.

Trump endorsed Landry's run for governor and Landry has said he was on the president's short list for attorney general. Landry said he did not want the job but has demonstrated an eagerness to implement Trump's agenda on a Louisiana-sized scale.

He invited the National Guard to Louisiana to address crime, welcomed a Border Patrol deployment and expanded immigration detention facilities. Last year, Landry stood alongside Trump at the White House as South Korean carmaker Hyundai’s announced plans to open its first U.S. steel mill in Louisiana.

Retired Louisiana lawmaker Craig Romero said Landry, who once worked for him as an aide, has long understood the value of cultivating ties to those with power, even while serving in the Louisiana National Guard.

“He said ‘Everybody wants to be my friend in the Guard because I drive the general around’,” Romero recalled.

In response to public information requests for records surrounding Landry's early work as envoy, his office said that “any work done by the Governor regarding this project is voluntary and not state business.”

In the interview with Fox News, Landry said he planned to attend a dogsledding event on the island in March after receiving an invite from “a Greenlander.” He did not say which event, but the possibility of Landry making an appearance rattled organizers of Greenland's national dogsledding championship.

Mikkel Jeremiassen, chairman of the Greenland Dogsledding Association, said in a statement this week that Landry's attendance would be “wholly inappropriate.”

Brook reported from New Orleans. Associated Press writer Seung Min Kim in Washington contributed to this report.

This story has been corrected to reflect that Landry was elected governor in 2023, not 2024.

Denmark's Foreign Minister Lars Løkke Rasmussen, third from left, Greenland's Foreign Minister Vivian Motzfeldt, not shown, and their delegations leave the Old Eisenhower Executive Office Building on the grounds of the White House, Wednesday, Jan. 14, 2026, in Washington. (AP Photo/Alex Brandon)

FILE - Louisiana Gov. Jeff Landry records a social media video outside the White House, Monday, March 24, 2025, in Washington. (AP Photo/Mark Schiefelbein, File)

People walk in downtown of Nuuk, Greenland, on Tuesday, Jan. 13, 2026. (AP Photo/Evgeniy Maloletka)