Futures Pointing To Slightly Lower Open On Wall Street

(RTTNews) - Stocks may move to the downside in early trading on Tuesday, adding to the losses posted in the previous session. The major index futures are currently pointing to a slightly lower open for the markets, with the S&P 500 futures down by 0.1 percent.

Concerns about the Federal Reserve's independence may weigh on Wall Street after President Donald Trump said he is removing Fed Governor Lisa Cook from her position.

In a letter to Cook posted on Truth Social, Trump accused her of making false statements on one or more mortgage agreements.

However, Cook responded with a statement claiming Trump does not have the authority to fire her and said she will not resign.

"I will continue to carry out my duties to help the American economy as I have been doing since 2022," said Cook.

Negative sentiment may also be generated in reaction to Trump's latest tariff threats, with the president threatening to impose "substantial additional tariffs" on countries that do not remove digital taxes and related regulations that harm U.S. tech companies.

"America, and American Technology Companies, are neither the 'piggy bank' nor the 'doormat' of the World any longer," Trump said on Truth Social. "Show respect to America and our amazing Tech Companies or, consider the consequences!"

On Monday, Trump threatened to impose 200 percent tariffs on China if Beijing does not export rare-earth magnets to the U.S.

After ending last Friday's trading sharply higher, stocks moved mostly lower over the course of the trading day on Monday. The major averages turned in a lackluster performance for much of the session before coming under pressure going into the close.

The major averages all finished the day in negative territory. The Dow slid 349.27 points or 0.8 percent to 45,282.47, the S&P 500 fell 27.59 points or 0.4 percent to 6,439.32 and the Nasdaq slipped 47.24 points or 0.2 percent to 21,449.29.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan's Nikkei 225 Index slumped by 1.0 percent, while Hong Kong's Hang Seng Index tumbled by 1.2 percent.

The major European markets have also moved to the downside on the day. While the French CAC 40 Index is down by 1.3 percent, the U.K.'s FTSE 100 Index is down by 0.4 percent and the German DAX Index is down by 0.3 percent.

In commodities trading, crude oil futures are tumbling $1.08 to $63.72 a barrel after jumping $1.14 to $64.80 a barrel on Monday. Meanwhile, after edging down $1 to $3,417.50 an ounce in the previous session, gold futures are rising $6.70 to $3,424.20 an ounce.

On the currency front, the U.S. dollar is trading at 147.49 yen compared to the 147.80 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.1648 compared to yesterday's $1.1618.