US stock futures traded flat on Tuesday, pausing after Monday’s record run as Wall Street braces for earnings from Alphabet ($GOOGL) and Tesla ($TSLA) and watches for updates on escalating trade tensions ahead of Trump’s Aug. 1 tariff deadline.
The Dow Jones, S&P 500, and Nasdaq 100 futures hovered near unchanged, reflecting investor caution. On Monday, the S&P 500 closed above 6,300 for the first time ever, while the Nasdaq notched its sixth straight record close.
Focus Shifts to Big Tech and Fed Messaging
All eyes are on Wednesday’s earnings from Alphabet and Tesla, two of the first “Magnificent Seven” tech giants to report. Expectations are high after last week’s TSMC and Nvidia news revived AI-driven optimism.
Meanwhile, the Fed remains under pressure. Markets await remarks from Fed Chair Jerome Powell later today, hoping for clues on the path of interest rates. Goldman Sachs now expects the Fed to cut rates three times starting in September, assuming inflation expectations hold steady.
Trump, Tariffs, and the Fed Under Fire
Trade tensions are intensifying, with the EU preparing wider countermeasures as chances of a US-EU agreement before Aug. 1 dwindle. Commerce Secretary Howard Lutnick said talks are “moving along” but reaffirmed the “hard stop” deadline.
In a new twist, Rep. Anna Paulina Luna (R-Fla.) issued a criminal referral against Fed Chair Powell, accusing him of lying under oath about the cost and luxury features of the Federal Reserve’s Eccles Building renovation. While Powell denies the charges, the referral underscores rising political pressure on the central bank. The White House said Monday that Trump has no plans to fire Powell, despite recent public criticism.
Global Markets and Commodities
Asian stocks slipped overnight, with Japan’s Nikkei reversing gains as election results and fiscal concerns weighed. European futures dipped ~0.5%, while oil prices fell nearly 1% on trade war worries and new Russian sanctions.
| Asset | Level | Change | Notes |
|---|---|---|---|
| Brent Crude | ~$68.69 /bbl | –0.75 % | Slid on trade concern and sanctions |
| WTI Crude | ~$66.69 /bbl | –0.76 % | Similar pressures as Brent |
| Gold (spot) | $3,390.69 /oz | +1.4 % | Highest since mid-June amid soft USD/yields |
| Silver (spot) | $38.84 /oz | –0.2 % | Slight dip alongside gold |
| USD/JPY | ¥147.83 | –0.33 % | Dollar softened, yen recovered |
| Bitcoin (BTC) | $117,627 | –1.21 % | Pullback from recent highs |
Currency markets remain volatile, with the dollar index easing and the yen recovering recent losses. Traders remain focused on trade talks and Powell’s remarks for direction.
What’s Next:
- Alphabet, Tesla, and Coca-Cola earnings
- Powell speech expected today
- Continued market reaction to Fed independence, tariffs, and Big Tech performance
Markets remain optimistic—but with politics, tariffs, and Powell all in the spotlight, the next move could be sharp.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
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