Increasing nervousness ahead of next week’s Federal Open Market Committee hit stock futures Tuesday and pushed the dollar to fresh multiyear highs.

“Concerns about what the start of Fed rate hiking could do to risk sentiment, to volatility and to demand for EM and higher-yielding assets won’t go away on their own,” said Kit Juckes, global macro strategist at Société Générale in a note.

Futures extended losses, with those for the Dow Jones Industrial Average (DJH5) down 111 points, or 0.6%, to 17,859, while those for the S&P 500 index (SPH5) lost 13.8 points, or 0.7%, to 2,063.90. Futures for the Nasdaq-100 (NDH5) tumbled 27.25 points, or 0.6%, to 4,385.75.

Wall Street finished modestly higher on Monday (http://www.marketwatch.com/story/us-stocks-futures-lower-as-bull-market-marks-sixth-anniversary-2015-03-09), which marked the sixth anniversary of Wall Street’s bull market, but nonetheless ended below last week’s record levels. The S&P 500 index (SPX) rose 0.4% to 2,079.43.

Read: The S&P 500 can’t fight the market’s selloff forever (http://www.marketwatch.com/story/sp-500-cant-fight-the-markets-selloff-forever-2015-03-09)

The dollar has already made some big moves during the global day. It surged against the euro (EURUSD) and the Japanese yen (USDJPY) as investors increasingly took stock of diverging monetary and economic conditions across the U.S., Europe and Japan. Nervousness is also setting in ahead of the March 17-18 Federal Reserve meeting.

Last week’s upbeat jobs data has heightened speculation that the Fed’s statement next week might drop a reference to being patient before raising interest rates.

Gold prices (GCJ5) were down about $6 to $1,160.30 an ounce on Tuesday, as strength in the dollar dulled demand for the dollar-denominated metal.

Data Tuesday include job openings and wholesale inventories for January at 10 a.m. Eastern.

Sticking to equities: Analysts at J.P. Morgan said they remain constructive on U.S. equities, which they note look expensive relative to history and similar to late-cycle levels, but aren’t on a country-relative basis.

“The U.S. trades at a 2.4 times premium on price/earnings (next 12 months) basis relative to its 10-year history, whereas the U.K. and eurozone trade at 4.5 times and 3.8 times, respectively. Further, equities still look attractive on a cross-asset basis, given the current yield environment and few attractive investment alternatives,” said the team of strategists led by Dubravko Lakos-Bujas.

Read: This 6-year-old bull market’s big winners: biotech, pharma and value stocks (http://www.marketwatch.com/story/this-6-year-old-bull-markets-big-winners-biotech-pharma-and-value-stocks-2015-03-09)

Stocks to watch: Shares of Apple Inc.(AAPL) could stay in focus for investors a day after the company revealed its new wearable Apple Watch (http://www.marketwatch.com/story/apple-shows-off-new-smartwatch-macbook-2015-03-09). Shares were down about 0.8% in premarket trading.

Also read: Apple Watch may be a social disruptor (http://www.marketwatch.com/story/apple-watch-may-be-a-social-disruptor-2015-03-10)

Barnes & Noble Inc. (BKS) will release results ahead of the market’s open, while VeriFone Systems Inc.(PAY) will report after the close.

Urban Outfitters Inc.(URBN) could be active after earnings topped analysts forecasts late Monday.

Qualcomm Inc.(QCOM) announced a $15 billion share buyback plan and lifted its quarterly dividend to 48 cents a share from 42 cents, effective March 25.

Other markets: The Nikkei 225 index (http://www.marketwatch.com/story/chinese-stocks-retreat-after-data-fuel-deflation-fears-2015-03-10) finished 0.7% lower (http://www.marketwatch.com/story/chinese-stocks-retreat-after-data-fuel-deflation-fears-2015-03-10), despite a weaker yen, which in the past has proved a boost for stocks and exporters. Stocks fell amid reports that the Basel Committee on Banking Supervision may ask banks to raise capital. Chinese stocks fell after data showed China’s wholesale deflation worsened in February.