U.S. stock futures were trading lower early Tuesday after President Donald Trump abruptly removed Federal Reserve Governor Lisa Cook from the central bank’s board. The sudden decision added uncertainty to an already fragile policy environment and raised concerns about the Federal Reserve’s independence. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.16%, 0.15%, and 0.20%, respectively, at 4:40 a.m. EST on August 26.
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During Monday’s regular trading session, all three major indices ended in negative territory. The Dow, the S&P 500, and the Nasdaq fell 0.8%, 0.4%, and 0.2%, respectively, as rate-cut hopes cooled.
Looking ahead, traders are awaiting several key economic reports today, including data on durable goods orders, consumer confidence, and the Case-Shiller Home Price Index. The Richmond Fed Manufacturing Index is also due, and Richmond Federal Reserve President Thomas Barkin is set to speak.
On the earnings front, reports from identity solutions provider Okta (OKTA), software company MongoDB (MDB), and clothing company PVH (PVH) are expected today. Meanwhile, traders are eagerly anticipating results from semiconductor giant Nvidia (NVDA), scheduled for Wednesday.
Meanwhile, the U.S. 10-year Treasury yield was up, floating near 4.30%. WTI crude oil futures were trending lower, hovering near $64.33 per barrel as of the last check. Additionally, the Gold Spot U.S. dollar price increased to nearly $3,420 per ounce on Tuesday.
Elsewhere, European stocks opened lower amid concerns that French Prime Minister François Bayrou’s government could face a no-confidence vote next month. Markets also reacted negatively to President Trump’s removal of Fed Governor Lisa Cook.
Asia-Pacific Markets Traded Lower Today
Asia-Pacific markets traded lower today following Trump’s removal of Federal Reserve Governor Lisa Cook. Moreover, the president threatened to impose tariffs of up to 200% on China if it refuses to export magnets to the U.S.
Hong Kong’s Hang Seng index declined 1.06%. In China, the Shanghai Composite fell 0.39%, while the Shenzhen Component rose 0.25%. Meanwhile, Japan’s Nikkei fell 0.97%, and the Topix decreased by 1.08%.
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