The downbeat mood followed Monday’s retreat on Wall Street, where the S&P 500 snapped a rare nine-day winning streak — its longest since 2004 — with a 0.6 percent drop.

Tariff-driven uncertainty has led consumers, businesses and even the Fed to adopt a wait-and-watch mode. The Fed starts its two-day meeting on Tuesday, with the central bank widely expected to stay put on interest rates. Comments from policymakers will be scrutinized for any clues hinting at where they stand on monetary policy easing this year.

Walt Disney Co. jumped more than 6% in premarket after the entertainment behemoth easily beat Wall Street’s profit targets for the second quarter. Disney’s revenue rose 7% from the same quarter a year ago as it added another 2.5 million Disney+ and Hulu subscribers.