U.S. stock futures were little changed on Tuesday evening, after Wall Street ended mixed with tech stocks leading losses, while President Donald Trump’s tax-cut bill narrowly passed the Senate.
S&P 500 Futures inched 0.1% higher to 6,253.75 points, while Nasdaq 100 Futures gained 0.1% to 22,714.50 points by 20:16 ET (00:16 GMT). Dow Jones Futures were also trading 0.1% higher at 44,829.0 points.
The subdued moves reflected the cautious mood ahead of President Trump’s July 9 tariff deadline, when steep reciprocal tariffs are set to return.
Meanwhile, investors weighed fresh comments from Fed Chair Jerome Powell on interest rates, amid an escalating rift with Donald Trump over the central bank’s resistance to swift rate cuts.
Senate passes Trump’s tax cut bill; Tesla slumps on renewed Musk-Trump feud In the regular trading session on Monday, the S&P 500 fell 0.1%, while the NASDAQ Composite declined 0.8%. In contrast, the Dow Jones Industrial Average gained 0.9%.
Tesla (NASDAQ:TSLA) shares ended 5.3% lower after President Trump reignited his feud with Elon Musk, accusing the Tesla CEO of benefiting excessively from government subsidies and calling for a review of his company’s federal support.
Trump’s feud with Musk largely stems from the Tesla CEO’s criticism of his tax and spending bill.
Senate Republicans narrowly passed the megabill on Tuesday, which is expected to add $3.3 trillion to the national debt.
The bill now moves to the House of Representatives for potential final approval, with Trump aiming to sign it into law by the July 4 Independence Day holiday.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. US trade deals, Powell’s interest rate comments in focus A U.S.-China trade deal announced last week, and Canada’s last-minute withdrawal of its digital services tax have boosted hopes for more trade agreements before Trump’s July 9 deadline.
Trump said he had no plans to extend the July 9 deadline and would instead notify countries of the tariff rates they will face through formal letters.
He said India may ease curbs on U.S. firms, opening the door to a deal, but added that "We’ve dealt with Japan. I’m not sure we’re going to make a deal. I doubt it."
He hinted at the possibility of raising tariffs on Japanese imports to 30% or 35%, up from the 24% rate he announced on April 2.
A Financial Times report stated on Tuesday that the U.S. is now pivoting to narrower, phased trade agreements in a bid to secure quick wins ahead of the deadline.
Meanwhile, Fed Chair Jerome Powell repeated that the central bank will wait and learn about tariff impacts before cutting rates, defying Trump’s calls for swift, deep cuts.
Markets now await Thursday’s nonfarm payrolls report to gauge the chances of a July rate cut.
