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* Eli Lilly jumps after raising FY profit forecast
* McDonald's down after Q1 sales miss
* Futures down: Dow 0.05%, S&P 0.04%, Nasdaq 0.08%
April 30 (Reuters) - Futures tracking Wall Street's main indexes were subdued on Tuesday as investors refrained from placing big bets ahead of the Federal Reserve's interest rate decision and kept a close eye on a stream of earnings updates.
The Federal Reserve Open Market Committee (FOMC) will commence its two-day meeting later in the day, with markets focused on the interest rate verdict and Chair Jerome Powell's remarks.
Money markets are largely expecting the central bank to stand pat on interest rates this meeting, while pricing in just about 35 basis points (bps) of rate cuts this year, down from about 150 bps estimated at the start of 2024, according to LSEG data.
"Although the world's largest economy slowed more sharply than expected in the first three months of the year, key inflation readings show inflation remains stubborn and that's dashed hopes for early and multiple rate cuts," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
"If interest rates do linger for a lot longer, it (raises) concerns about the growth prospects for the engine of the global economy."
On the earnings front, GE HealthCare lost 8.4% in premarket trading after the medical equipment firm missed estimates for first-quarter revenue, while McDonald's stock fell 2% for the same reason.
U.S. industrial conglomerate 3M gained 7.7% after posting a 21% rise in quarterly profit.
Eli Lilly added 7% after the drugmaker raised its full-year profit forecast, betting on surging demand for its weight-loss treatment Zepbound and type 2 diabetes drug Mounjaro.
U.S. equities have had a rough April as persistent inflationary pressures sharply pulled back bets on interest rate cut hopes, while heightened tensions in the Middle East and earnings updates also added to the volatility.
All three U.S. stock indexes are poised to record their first monthly loss in six.
At 7:13 a.m. ET, Dow e-minis were down 19 points, or 0.05%, S&P 500 e-minis were down 2 points, or 0.04%, and Nasdaq 100 e-minis were down 13.75 points, or 0.08%.
Tesla shares were down 1.7% in premarket trading on Tuesday, following a 15% surge in the previous session after a report that CEO Elon Musk had dismissed two senior executives and plans to lay off hundreds more employees.
Coursera shed 13.4% after the online learning platform forecast full-year revenue below market estimates.
Mosaic added 4.1% after the fertilizer maker said Saudi Arabia's flagship mining firm Ma'aden would acquire the U.S.-based company's stake in a phosphate production joint venture by issuing shares worth about $1.5 billion.
(Reporting by Shristi Achar A and Shashwat Chauhan in Bengaluru; Editing by Shounak Dasgupta and Devika Syamnath)
