The major U.S. index futures are currently pointing to a lower open on Tuesday, with stocks likely to give back ground following the upward move seen in the previous session.

Traders may look to cash in on yesterday’s gains, which saw the Nasdaq surge to a new record closing high amid a rally by tech stocks.

Meanwhile, the Dow closed lower for the eighth consecutive session on Monday and is poised to see further downside in early trading.

The downward momentum on Wall Street comes as trades look ahead to the Federal Reserve’s monetary policy announcement on Wednesday.

The Fed is widely expected to continue cutting interest rates, with CME Group’s FedWatch Tool currently indicating a 97.1 percent chance the central bank will lower rates by another 25 basis points.

Traders are likely to pay close attention to the Fed’s accompanying statement as well as officials’ latest economic projections, including their forecasts for rates.

Recent data showing inflation remains sticky has led to some worries the Fed will lower rates slower than previously anticipated next year.

Following the lackluster performance seen during last Friday’s session, stocks moved mostly higher during trading on Monday. The tech-heavy Nasdaq led the charge, surging to a new record closing high.

The Nasdaq pulled back off its best levels going into the close but still ended the day up 247.17 points or 1.2 percent at 20,173.89.

The S&P 500 also climbed 22.99 points or 0.4 percent to 6,074.08, while the narrower Dow bucked the uptrend and fell 110.58 points or 0.3 percent to 43,717.48.

The Dow closed lower for the eighth consecutive session, falling to its lowest closing level in almost a month.

The surge by the Nasdaq came amid significant strength among semiconductor stocks, with the Philadelphia Semiconductor Index jumping by 2.1 percent.

Broadcom (NASDAQ:AVGO) extended the surge seen last Friday, while Micron (NASDAQ:MU) also posted a standout gain after JPMorgan said it expects the chipmaker to report strong fiscal first quarter results after the close of trading on Wednesday.

Networking stocks also saw considerable strength, extending a recent upward trend, driving the NYSE Arca Networking Index up by 2.0 percent to a new record closing high.

Tech stocks benefited from optimism about the outlook for interest rates ahead of the Federal Reserve’s monetary policy decision on Wednesday.

Meanwhile, oil stocks moved sharply lower amid a decrease by the price of crude oil, dragging the NYSE Arca Oil Index down by 2.9 percent.

Telecom, oil service and natural gas stocks also saw notable weakness, partly offsetting the strength in the tech sector.

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