Futures Slip Ahead of Powell Testimony

U.S. stock futures traded lower Tuesday as investors looked ahead to testimony from Federal Reserve Chairman Jerome Powell while awaiting key inflation reports due later in the week.Futures for the Dow Jones Industrials capsized 91 points, or 0.2% to 44,489.Futures for the S&P 500 fell back 17.75 points, or 0.3%, to 6,071.Futures for the tech-heavy NASDAQ faded 95 points, or 0.4%, to 21,751.50. The central bank leader first will address the Senate Banking Committee on Tuesday, followed by an appearance the next day in front of the House Financial Services Committee. Both events will start at 10 a.m. ET and will begin with prepared remarks from Powell.Powell’s testimony comes at a volatile time in Washington with President Donald Trump favoring tariffs against U.S. trading partners and with mixed messages coming from the administration on its approach to the Fed.Shortly after Trump took office, he said he would demand lower interest rates. However, Treasury Secretary Scott Bessent said last week that the White House would not be pressuring the Fed to cut its benchmark borrowing rate and instead will be looking for the 10-year Treasury yield to fall as the administration institutes deregulation and spending cuts to control inflation.In Hong Kong, the Hang Seng fell 1.1%, while markets had the day off in Japan. Oil prices surged 98 to $73.30 U.S. a barrel. Gold prices ducked 7.2 to $2,927.20 U.S. an ounce.