Stock futures dip ahead of Fed minutes release

Stock futures dipped in early morning trading Wednesday as investors await the latest insights into the Federal Reserve's policy tightening.

Futures on the Dow Jones Industrial Average fell 140 points, or 0.4%. S&P 500 futures were down 0.5%, and Nasdaq 100 futures shed 0.75%.

The moves in stock futures came after a day of losses on Wall Street. The Dow on Tuesday pulled back by about 280 points, or 0.8%. The S&P 500 lost 1.3%, and the Nasdaq Composite slid 2.3%.

Those declines took place after Fed Governor Lael Brainard indicated support for higher interest rates and said a swift reduction of the central bank's balance sheet could begin as soon as May.

"It is of paramount importance to get inflation down," Brainard said during a Minneapolis Fed webinar. Brainard has been nominated to be vice chair of the Federal Open Market Committee.

San Francisco Fed President Mary Daly also pledged rate hikes ahead while sharing concerns about inflation. "I understand that inflation is as harmful as not having a job," Daly said.

Minutes from the Fed's most-recent meeting are slated for release Wednesday afternoon. Investors are bracing for new details about the Fed's plan to reduce its balance sheet.