US STOCKS-Wall St set to fall as rally pauses ahead of Fed meeting

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* Macy's gains as reopened stores perform better than
expected
* Futures down: Dow 0.94%, S&P 0.81%, Nasdaq 0.36%

(Adds comment, details; updates prices)
By Medha Singh and Devik Jain
June 9 (Reuters) - Wall Street's main indexes were set open
lower on Tuesday, a day after the Nasdaq surged to a record
closing high on hopes of a quick economic recovery from a
coronavirus-fueled downturn, with focus now on the Federal
Reserve's policy meeting.
Stocks in the travel industry, including American Airlines
Group Inc AAL.O , United Airlines Holdings Inc UAL.O , Alaska
Air Group Inc ALK.N and Marriott International Inc MAR.O ,
fell 4% to 7% in premarket trading after climbing on Monday.
The Nasdaq's .IXIC record close confirmed a bull market
began when markets hit a low on March 23, while the S&P 500
.SPX erased its year-to-date losses. The benchmark index is
about 5% below its all-time high, having climbed nearly 48%
since the plunge in March.
A rally in U.S. stocks accelerated last week after a
strikingly upbeat jobs data for May strengthened views that the
worst of the economic fallout from the pandemic was over.
"Because the S&P 500 has risen so far so fast, you can
always anticipate periodic short bouts of profit-taking to occur
along the way," said Randy Frederick, vice president of trading
and derivatives for Charles Schwab in Austin.
"Markets may be moving based on where the economy will be a
year from now versus, say, six months from now."
While no major policy announcements are expected when the
U.S. central bank wraps up its meeting on Wednesday, investors
will look for hints that the Fed believes the worst part of the
coronavirus crisis has passed.
The benchmark U.S. yield curve US2US10=TWEB — an indicator
of economic expansion — has widened to its steepest level since
March as U.S. data improved and investors will look for hints on
whether the Fed will step in to flatten the yield curve.
At 8:34 a.m. ET, Dow e-minis 1YMcv1 were down 259 points,
or 0.94%. S&P 500 e-minis EScv1 were down 26.25 points, or
0.81% and Nasdaq 100 e-minis NQcv1 were down 35.25 points, or
0.36%.
In a bright spot, Macy's Inc M.N jumped 7.4% after the
department store chain said its 450 reopened stores were
performing better than expected, a day after it raised $4.5
billion in financing to combat the fallout from the pandemic.
Tiffany & Co TIF.N edged 0.9% higher as the luxury jeweler
said it had amended certain of its debt agreements in order to
have sufficient liquidity to navigate the coronavirus outbreak
as it posted a 43% slump in quarterly sales.