Stock futures are mostly lower Tuesday amid a flurry of earnings reports, while oil prices rise as investors await updates on potential peace talks with Iran; the Federal Reserve is scheduled to kick off its two-day policy meeting; a number of big-name companies, including Coca-Cola, General Motors, Starbucks and Visa are releasing quarterly results today; and tech stocks are under pressure following a report that OpenAI has missed several internal revenue and user growth targets. Here's what you need to know today.

S&P 500, Nasdaq Poised to Retreat from Record Highs

Stock futures are mixed this morning as investors digest quarterly results from several major companies this morning and await a barrage of earnings reports in the coming days, while keeping close tabs on developments in the Middle East. Futures tied to the S&P 500 and tech-heavy Nasdaq were recently down 0.6% and 1.2%, respectively, while Dow Jones Industrial Average futures added 0.2%. The S&P 500 and Nasdaq inched higher on Monday to close at record highs . Crude oil futures were up more than 5% this morning as the Strait of Hormuz remains closed (more on that below), while gold futures slid 2.5% to $4,575 an ounce. Bitcoin was trading at $76,200, down from Monday's high of $79,500. The yield on the 10-year Treasury note, which affects interest rates on consumer loans, was at 4.37%, up from 4.34% yesterday and at its highest level in a month.

WTI Oil Tops $100/Barrel As Iran Talks Remain Uncertain

Oil futures are sharply higher amid ongoing uncertainty about the status of the Iran war. West Texas Intermediate futures, the U.S. crude oil benchmark, were recently up 5.6% at $101.80 per barrel, trading above $100 for the first time in three weeks. Last week, President Trump said the U.S.-Iran ceasefire would be extended until Iran could make its next proposal. Peace talks that investors had hoped would take place over the weekend were scrapped. Reports emerged Monday that Iran had pitched a deal including the reopening of the Strait of Hormuz, while pushing back talks over its nuclear program. The White House doesn't appear to be interested in such a deal, as dismantling Iran's nuclear program has been one of the several goals the administration has offered for the war, per The Associated Press.

Fed Meeting Kicks Off Today, Likely Powell's Last As Chair

The Federal Reserve is scheduled to kick off its two-day meeting on interest rates today , in what could be Fed chair Jerome Powell's last time heading the policy committee. Powell could remain a member of the board of governors once his term expires next month and he is replaced as chair. Kevin Warsh , Trump's nominee to replace Powell, is currently going through the confirmation process in the Senate. The Fed's goals of keeping inflation under control and promoting employment are being threatened by the economic fallout from the Iran war. Soaring fuel prices have sparked inflation, and the price pressures could lead to a slowdown in hiring. While the Fed is expected to hold its key rate steady this week, Powell could provide insights into potential rate decisions that will take place later this year. The announcement of the decision on rates and a press conference with Powell are scheduled for Wednesday afternoon.