By Barbara Kollmeyer, MarketWatch

MADRID (MarketWatch) -- U .S. stock futures fell modestly on Tuesday, with investors in a risk-averse mood, and tech stocks in particular setting up for another weak day as many fretted that the Federal Open Market Committee meeting will deliver hawkish talk on interest rates.

Futures for the Dow Jones Industrial Average (DJZ4) fell 17 points to 16,926, while those for the S&P 500 index (SPZ4) eased 1.7 points to 1,974.40. Futures for the Nasdaq-100 index (NDZ4) fell 5.5 points to 4,020.

The data of note Tuesday are producer prices for August, due at 8:30 a.m. Eastern Time. But most investors will be focused on the start of the two-day Federal Open Market Committee policy meeting.

Tech and small-cap stocks led a mostly losing day on Wall Street on Monday, with the Nasdaq Composite (RIXF) dropping 1.07% as investors turned risk-averse ahead of the Fed meeting. Analysts are looking for a change in the Fed's language that could signal sooner-than-expected rate hikes.

Alain Bokobza, global head of asset allocation at Societe Generale, and his team on Tuesday advised investors to "switch out of expensive, illiquid and over-owned assets," rotating out of small caps and into large-caps in the U.S. and Europe. "As the Fed continues to normalize its monetary policy, small caps are at risk of a large correction," he said. Read Need to Know: A dearth of deep-value plays

Data compiled by Bloomberg News showed 47% of stocks in the Nasdaq Composite are down at least 20% from their peak in the last 12 months, and more than 40% have fallen by as much in the Russell 2000 index (RUT)(RUT)(RUT). Meanwhile, the S&P 500 index has logged 33 new closing highs this year, and less than 6% of companies are in what's considered bear-market territory, Bloomberg reported Monday.

Stocks to watch: Majesco Entertainment Co. (COOL) fell 24% in premarket after similar drop late Monday when the video-game maker posted a deeper-than-expected third-quarter loss.

Tesla Motors Inc. (TSLA) rose modestly in premarket after falling hard Monday on a Morgan Stanley note that said the electric-car maker's stock is overvalued. But Trip Chowdhry at Global Equities Research advised in a note Tuesday that investors buy Tesla on weakness, as he reiterated an overweight rating and a 12-to-18-month price target of $385.

Other markets:Asian stocks largely fell. China's largest wireless carrier China Mobile Ltd. tumbled 3.8% at the close, after reports said the release date for iPhone 6 in mainland China is still uncertain. Data out of China also showed foreign direct investment in August falling to a four-year low, on the heels of weak factory data over the weekend.

A disappointing German economic sentiment survey did already weak European stocks no favors. Worries about this week's Scottish referendum continued to dull markets, also weighing some on U.S. stock futures.

Among currencies, the Russian ruble (USDRUB) continued to fall against the U.S. dollar, off another 1% sanctions worries weighed. Gold(GCZ4) rose on the heels of Monday's first win in five sessions.(RUT)

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