Stock Market Today: Stocks lower, gold leaps as uncertainty grips markets

U.S. equity futures edged lower in early Tuesday trading, while gold prices powered to a fresh all-time high, as investors navigate a host of geopolitical risks while looking to a key speech from Nvidia CEO Jensen Huang later in the session. 

Updated at 7:45 AM EDT

Fed on deck

The Federal Reserve kicks-off its two-day policy meeting in Washington this morning amid weakening U.S. growth prospects and an uncertain inflation path tied to President Trump's economic agenda.

Markets are pricing in little chance of a rate cut, however, and are more focused on the expected changes to the central bank's new round of growth and inflation forecasts, which are expected alongside tomorrow's policy decision.

"Currently, the Fed is being held back from providing additional policy rate cuts because there is still limited evidence that the economy really needs immediate additional support, inflation remains above target, and because elevated government policy uncertainty raises the risk of a wrong monetary policy move," said Seema Shah, chief global strategist at Principal Asset Management.

"The Fed would likely prefer to wait until they have policy clarity and a clear line of vision into the economic outlook, suggesting that policy easing will be delayed until late Q2 or even early Q," she added. 

Goldman's FOMC expected redlines... pic.twitter.com/kYoDNOV0Cw— Mike Zaccardi, CFA, CMT