NEW YORK (TheStreet) -- Stock futures pulled back from gains made over the previous session as attention turned to next week's Federal Reserve meeting. 

"While broader market focus remains on global themes, investors continue to look ahead toward next week's FOMC meeting, where we expect the Fed to drop the 'patient' reference from their statement," said TD Securities' U.S. strategist Gennadiy Goldberg in a note. 

S&P 500 futures were down 0.83%, and Dow Jones Industrial Average futures fell 0.83%. Nasdaq futures slid 0.73%. The tech-heavy index on Tuesday is marking the 15th anniversary of its March 2000 peak. 

The Fed will hold a two-day meeting on March 17, after which investors hope Fed Chair Janet Yellen will give further hints as to when a rate hike could occur. Economists anticipate the Fed will remove its "patient" language from its release, a signal which could mean a mid-summer rate hike. 

The U.S. dollar was surging on the prospect of higher U.S. rates. The greenback was up 1% against the euro, 0.54% against the British pound, 0.88% against the Aussie dollar, and 0.84% against the Swiss franc. 

European markets were sharply lower as tensions ran hot ahead of Wednesday's meeting between Greece and its eurozone creditors. In a press conference, Eurogroup President Jeroen Dijsselbloem said, "My key message today was that we have spent now two weeks apparently discussing who meets whom where, in what configuration and on what agenda and it's a complete waste of time."

China's consumer prices increased at a more rapid pace than expected in February, rebounding from five-year lows a month earlier. Consumer inflation grew at 1.4%, higher than forecast 1% growth. Producer prices slid 4.8%, worse than a 4.3% decline in January. However, the Lunar New Year at this time of year makes data volatile. 

Swiss financial firm Credit Suisse (CS) - Get Report jumped more than 6% in premarket trading after CEO Brady Dougan confirmed he will step down in June. Dougan has overseen several legal dramas and poor performance in his eight-year tenure. Over the past 12 months, shares have fallen 27%.

Twitter (TWTR) - Get Report was nearly 1% lower after purchasing live-video streaming app Periscope for around $100 million, according to TheWall Street Journal. The price tag makes it one of Twitter's most expensive acquisitions. 

Qualcomm (QCOM) - Get Report added 2% after announcing a $15 billion buyback program to replenish its current $2.1 billion program. Over the next 12 months, the company plans to purchase $10 billion worth of stock. Its quarterly dividend was also increased by 14% to 48 cents a share. 

Urban Outfitters (URBN) - Get Report surged 6.8% after the retailer reported a better-than-expected quarter with sales above a record-breaking $1 billion and comparable-store sales up 6%.  

Apple (AAPL) - Get Report was down 0.5% a day after sharing details about its Apple Watch at an event on Monday. Some of the device's features include Apple Pay, social media access, voice commands with Siri and health and exercise tracking. Pricing starts at $349; the most expensive model is priced at $10,000.