U.S. stock futures rebounded on Tuesday following a major market downturn in the previous session, triggered by President Trump’s criticism of Federal Reserve Chair Jerome Powell. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 (SPX) were up 1.08%, 0.89%, and 1.03%, respectively, at 4:53 a.m. EST, April 22.
This positive movement in futures comes after a sharp sell-off in the regular trading session on Monday. The Dow Jones, the S&P 500, and the Nasdaq Composite (NDAQ) are down 0.48%, 2.36%, and 2.55%, respectively.
The selloff was fueled by President Trump’s post on Truth Social, where he called Powell “Mr. Too Late, a major loser,” and pushed for immediate interest rate cuts. Last week, Trump also hinted at the possibility of removing Powell, raising concerns about the Fed’s independence.
Adding to the negative sentiment were ongoing trade tensions with China, as negotiations appeared to be making little headway.
Moreover, Gold surged over 3% on Monday, hitting its third consecutive record high. This rally is fueled by rising geopolitical tensions and ongoing concerns over inflation, making gold a safe choice for investors.
Looking ahead, investors will closely monitor the Richmond Fed’s manufacturing survey results due on Tuesday morning. Also, several Federal Reserve officials, such as Vice Chair Philip Jefferson, Minneapolis Fed President Neel Kashkari, and Governor Adriana Kugler, are expected to shed light on the Fed’s economic outlook and policy direction.
On the earnings front, Tesla’s (TSLA) quarterly results will be a key highlight today. Also, several key firms such as Verizon (VZ), Lockheed Martin (LMT), GE Aerospace (GE), 3M (MMM), Capital One (COF), Enphase Energy (ENPH), Intuitive Surgical (ISRG), and Kimberly-Clark (KMB) will report earnings today.
Meanwhile, the U.S. 10-year treasury yield was up, floating near 4.416%. Simultaneously, WTI crude oil futures are trending higher, hovering near $64.05 per barrel as of the last check.
Elsewhere, European indices opened lower on Tuesday after the long Easter weekend, reflecting ongoing concerns about the U.S. economy and global trade tensions.
Asia-Pacific Markets Traded Mixed on Tuesday
Most of the Asia-Pacific indices were mixed today, after Wall Street’s sharp decline yesterday.
At the same time, the Hong Kong index was up 0.69%. Also, Japan’s Topix index closed higher by 0.13%, while the Nikkei index fell 0.17%. China’s Shenzhen Component index was down 0.36%, whereas the Shanghai Composite index was up 0.25%.
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