US stock futures ticked higher on Tuesday, with Dow Jones futures up 94 points (+0.21%) to 45,587, S&P 500 futures rising 0.23%, and Nasdaq 100 futures climbing 0.38%. The modest gains follow Monday’s milestone when the Nasdaq Composite (^IXIC) closed at a record high, powered by semiconductor giants like Nvidia and Broadcom.
The advance comes as traders brace for pivotal inflation readings this week and a widely expected Federal Reserve rate cut at its September 17 meeting.
Investors are also bracing for a busy corporate calendar. Apple’s high-profile iPhone 17 launch in Cupertino will dominate headlines, while earnings from Oracle and GameStop are due after the closing bell.
Meanwhile, premarket movers like Nebius Group, Tourmaline Bio, Fox, and Dell are adding fresh catalysts to an already volatile session.
Beyond the US, political turmoil in Japan and France is rattling bond markets, while oil, gold, and currency moves highlight investors’ hedging strategies.
With the Fed nearly certain to deliver its first rate cut of the year, the real question is whether policymakers lean toward a cautious quarter-point trim or a bolder half-point move — a decision that could shape global markets for the rest of 2025.
Stock futures today
- Dow Jones futures (YM=F): +94 points, or +0.21% at 45,587 (6:07 AM EDT)
- S&P 500 futures (ES=F): +0.23%
- Nasdaq 100 futures (NQ=F): +0.38%
- Treasury yields: 10-year flat at 4.091%
- Dollar index: up 0.05% vs. euro, +0.65% vs. yen
The uptick follows Monday’s milestone, when the Nasdaq Composite (^IXIC) hit an all-time high, powered by tech optimism and semiconductor stocks like Nvidia (NVDA) and Broadcom (AVGO).
What’s driving investor sentiment?
Markets are being pulled in two directions:
- Labor market slowdown: Payroll data has consistently flagged weakness. Moody’s Analytics chief economist Mark Zandi noted that most industries are now cutting jobs — a trend typically seen only in recessions. That bolsters the case for Fed easing.
- Inflation risk: Investors await the Producer Price Index (PPI) on Wednesday and Consumer Price Index (CPI) on Thursday. Forecasts:
- PPI (Aug): +0.3% (down from July’s +0.9%)
- CPI (Aug): +0.3% m/m, +2.9% y/y (vs. 2.7% in July)
- Core CPI: steady at 0.3% m/m, 3.1% y/y
With CPI still above the Fed’s 2% target, traders see a 92% probability of a 25-basis-point cut at the September 17 FOMC meeting, according to CME FedWatch.
A bigger 50-point move is viewed as less likely unless jobs data worsens further.
Major Corporate earnings and events today
- Apple (AAPL): All eyes are on Cupertino, where the company unveils the iPhone 17 lineup and a thinner iPhone 17 Air. New Apple Watches and heart-monitoring AirPods are also expected. Analysts caution that, after earlier tariff-fueled demand spikes, this cycle could underwhelm.
- Oracle (ORCL) and GameStop (GME): Earnings due after the closing bell. Oracle’s cloud momentum and GameStop’s retail revival will be closely watched.
- Other movers:
- Nebius Group (NBIS): +49% premarket after a $17.4B AI deal with Microsoft.
- Tourmaline Bio (TRML): +57% after Novartis announced a $1.4B acquisition.
- Fox (FOX): -4% after Murdoch succession shift.
- Dell (DELL): -1% as CFO Yvonne McGill exits.
Oil and Gold
- Oil: WTI +0.32% to $62.07; Brent +0.40% to $65.76, even after OPEC+ signaled more supply hikes.
- Gold (GC=F): Hit a fresh all-time high above $3,647 overnight, now hovering at $3,692. The rally, nearly +40% YTD, is fueled by Fed cut bets, central bank demand, and geopolitical risk.
Global politics are weighing on markets
- Japan: PM Shigeru Ishiba resigned after less than a year in office, sending the yen weaker (-0.65%). Investors are watching whether his successor will embrace fiscal discipline or stimulus-heavy policies.
- France: Government faces a confidence vote after surging bond yields. Any deadlock could worsen Europe’s fiscal stress.
The market’s short-term direction hinges on this week’s inflation prints. A soft CPI would lock in a September rate cut and potentially extend the rally. But a hotter-than-expected reading could complicate the Fed’s calculus, especially as President Donald Trump’s tariff regime lingers in the background.
Meanwhile, corporate earnings and Apple’s showcase will dominate intraday sentiment. Tech remains the leadership sector, but with gold at records and recession warnings flashing, investors appear to be hedging aggressively.
FAQs:
Q1. How is Nasdaq performing in today’s US stock market rally?
US stock futures ticked higher on Tuesday, with Dow Jones futures up 94 points (+0.21%) to 45,587, S&P 500 futures rising 0.23%, and Nasdaq 100 futures climbing 0.38%. The modest gains follow Monday’s milestone when the Nasdaq Composite (^IXIC) closed at a record high, powered by semiconductor giants like Nvidia and Broadcom.
Q2. How are US Treasury yields affecting stock market futures?
The 10-year Treasury yield eased to 3.86%, its lowest in two weeks, helping boost futures as investors bet on a Fed rate cut next week.