U.S. stock futures pointed to a slightly weaker open on Wall Street on Wednesday, with traders hesitant to make any big moves ahead of Federal Reserve forecasts that could help outline the future path of interest rates.

Facebook Inc.’s stock was among the biggest decliners ahead of the bell as a firestorm continued over third parties access to users’ personal data.

Check out: 5 things to watch from the Fed decision

What are markets doing?

Futures for the Dow Jones Industrial Average YMM8, -0.10% slipped 47 points, or 0.2%, to 24,713, while those for the S&P 500 index ESM8, -0.10% fell 5.35 points, or 0.2%, to 2,718. Futures for the Nasdaq-100 index NQM8, -0.35% lost 33.75 points, or 0.5%, to 6,884.25, weighed by a premarket loss for Facebook FB, -2.56% .

The cautious trade on Wednesday comes after stocks closed with gains on Tuesday, with the Dow industrials DJIA, +0.47% finishing 0.5% higher and the Nasdaq Composite Index COMP, +0.27% and S&P 500 SPX, +0.15% ending up 0.3% and 0.2%, respectively.

What is driving the markets?

All eyes were on the Fed and its rate decision and news conference later in the day. The central bank is widely expected to raise interest rates for the first time this year, but the key question is whether new Chairman Jerome Powell and his colleagues will signal that a total of three or four hikes are coming in 2018.

See: What to expect from the new Fed dot plot on interest rates

And see: Powell will counterbalance Fed’s hawkish forecasts

Equity markets sold sharply off in early February, when faster-than-expected wage data ignited speculation the Fed would have to become more aggressive in tightening monetary policy.

Read: Why the stock market may find an ally in the Fed

And don’t miss: The Fed easily could make stocks spring higher, says J.P. Morgan

The yield on 10-year U.S. Treasury notes TMUBMUSD10Y, -0.06% was down basis point at 2.888%. The ICE U.S. Dollar Index DXY, +0.23% was down 0.2% at 90.155.

The rate decision comes out at 2 p.m. Eastern Time, followed by Powell’s news conference half an hour later.

What data are in focus?

The current account deficit for the fourth quarter is due at 8:30 a.m. Eastern, while existing home sales for February are slated for release at 10 a.m. Eastern.

See: MarketWatch’s economic calendar

What are strategists saying?

“We expect traders to be [erring] on the side of caution in trading on Wednesday, as eyes remain firmly fixed on the Fed rate announcement and press conference later today. The big question is not whether the Fed will hike today, that is as good as certain; however, 3 hikes or 4 [this year] is still a dividing question,” said Jasper Lawler, London Capital Group, in a note.

“It will be worth keeping an eye on bond yields. Any signs of a more aggressive path to tightening by the Fed could push yields higher. Since high yields were a catalyst to last month’s heavy sell off, traders are going to be wary of a repeat performance,” he added.

Which stocks are in focus?

Facebook shares lost 2.4% ahead of the open, set to add to a weekly loss of 9.2%. The selloff for the social-media giant has come after it was revealed that Cambridge Analytica, a firm hired to assist President Donald Trump’s 2016 campaign, harvested private information of 50 million Facebook users without their permission. It is also the biggest data breach in Facebook’s history.

WhatsApp co-founder Brian Acton said late Tuesday it was now time to delete Facebook.

MuleSoft Inc. MULE, +27.16% rose 3.5% premarket after Salesforce.com Inc. CRM, +0.11% said after Tuesday’s closing bell it is buying the software company. Salesforce shares were down 2.3% ahead of the bell on Wednesday.

Shares of Proteostasis Therapeutics Inc. PTI, -26.18% jumped 18% after the biotech company said late Tuesday it’s canceling its proposed equity offering “due to market conditions.”

What are other markets doing?

Asian stocks closed mixed, with Japan’s exchange NIK, -0.47% closed for a holiday.

In Europe, most indexes traded in negative territory as traders there also stayed on the sidelines ahead of the Fed.

Oil prices CLK8, +0.58% continued to rise, up 0.3% at $63.74 a barrel and trading around the highest level since late February. Gold prices GCJ8, +0.35% were also rising, up 0.3% at $1,316.30 an ounce.