(Bloomberg) -- US equity futures edged lower and European stocks were flat as investors digested the latest corporate results amid uncertainty about President Donald Trump’s tariff policies. The dollar was steady ahead of the Federal Reserve’s interest-rate decision.

Contracts on the S&P 500 were down 0.3% after the US benchmark on Monday halted its longest rally in about 20 years. While Trump suggested some trade deals could come as soon as this week, there was no indication of an imminent accord with China or the European Union. In late hours, Ford Motor Co. pulled its financial guidance and said auto tariffs will take a toll on profit.

Despite recent economic data showing a pickup in growth, the outcome of Trump’s tariff war has yet to be felt, and many market observers believe tariffs will eventually slow the US economy and deliver at least a temporary inflation shock. For Mohit Kumar, chief economist and strategist at Jefferies International, any short-term positive trade expectations are already priced in by markets.

“Our view is to use the recent rally to reduce exposure to the US,” Kumar said in a client note. “We do see some slowdown in the economic data as we head toward June and the tariffs start to have an effect.”

A gauge of the greenback rose 0.1% after data Monday showed activity at US service providers accelerated in April. Treasury yields edged higher. Attention is shifting to Wednesday’s Fed decision after bond traders dialed back rate-cut bets that had steadily mounted as Trump’s trade war unleashed havoc in financial markets.

“Uncertainty rules amid a trade war and the ever-changing landscape of tariffs, but with the hard data on consumer spending and employment still hanging in there, the Fed will remain firmly planted on the sidelines,” said Greg McBride at Bankrate.

Meanwhile, Europe’s Stoxx 600 equity benchmark was little changed at the open. The European Central Bank is set to carry on cutting interest rates, according to Governing Council member Yannis Stournaras.

In other corporate news, Palantir Technologies Inc. dropped more than 9% in late trading Monday after its results failed to live up to investors’ loftiest expectations for a company whose stock has led the S&P 500 in gains this year.

Royal Philips NV lowered its profitability outlook for the year to account for the damage from rising trade hurdles.

In commodities, oil climbed from the lowest close in four years after a technical measure signaled the recent slump was overdone. Gold extended gains — following a surge of almost 3% on Monday — as China, the world’s biggest bullion buyer, came back from holiday, boosting demand despite a firmer dollar.

Some of the main moves in markets:

Stocks

Currencies

Cryptocurrencies

Bonds

Commodities

This story was produced with the assistance of Bloomberg Automation.

--With assistance from Ruth Carson, Tian Chen and Joanne Wong.