U.S. stock index futures were lower on Tuesday morning, as traders waited to hear from Federal Reserve Chairman Jerome Powell.
At around 03:35 a.m. ET, Dow futures slipped 93 points, indicating a negative open of more than 100 points. Futures on the S&P and Nasdaq were also lower.
Wall Street closed lower on Monday on the back of negative sentiment in the tech sector. However, the big focus this Tuesday is on the Federal Reserve. Jerome Powell will give a testimony at 8:45 a.m. ET. This comes just after a stronger-than-expected jobs report raised questions about the central bank’s rate policy.
Traders have priced in a 100% probability of a Fed rate cut in July, according to the CME Group’s FedWatch tool. However, expectations for a more aggressive cut were tempered by the jobs data released Friday.
Furthermore, a new NFIB survey will be out at 6 a.m. and a new JOLTS report will be released at 10 a.m. ET.
In the corporate world, PepsiCo and Levi Strauss will update investors on their latest performance.
