U.S. stock futures fell slightly Wednesday as investors kept an eye on debt ceiling negotiations.

Futures linked to the Dow Jones Industrial Average fell by 151 points, or 0.5%. S&P 500 futures declined by 0.4%, and Nasdaq-100 futures were down 0.3%.

Negotiators for both sides were expected to meet again Wednesday morning, according to Reuters.

Treasury Secretary Janet Yellen previously warned lawmakers that a potential default in early June is “highly likely.” House Speaker Kevin McCarthy said he had a “productive” discussion with President Joe Biden on Monday. Nonetheless, there were few indicators of progress made in negotiations on Tuesday. 

Even if Washington’s officials were to raise the debt ceiling, however, markets could be roiled, according to Bill Merz, head of capital markets research at U.S. Bank Wealth Management. That’s because the Treasury will need to issue a lot of debt to replenish its general account, he said.

“The impact of that is likely to remove liquidity from the broader capital markets,” Merz said. “Especially more recently, [that] has really overlapped with, or it has correlated with, S&P 500 in general stock performance,” he continued.

“Especially more recently, [that] has really overlapped with, or it has correlated with, the S&P 500 in general stock performance,” Merz said. 

On the economic front, investors will be watching for the minutes from the Federal Reserve’s meeting earlier in May. They will be released Wednesday afternoon. 

Investors will also be looking toward more earnings announcements. Clothing retailer American Eagle Outfitters and semiconductor giant Nvidia will be posting their results Wednesday after the bell. 

The three major averages fell during Tuesday. The S&P 500 lost 1.12%, while the Nasdaq Composite and the Dow Jones Industrial Average declined 1.26% and 0.69%, respectively.