Stocks are on track to open higher after sliding sharply on Monday following President Trump’s latest attack on Federal Reserve Chairman Jerome Powell.
Mr. Trump on Truth Social on Monday renewed his criticism of Federal Reserve Chair Jerome Powell for being “too late” to act, causing markets to major slump.
An hour before trading opened on Tuesday, Dow Jones futures were up 314 points, or 0.8%, S&P 500 futures rose 39 points, or 0.7%, while Nasdaq futures increased 147 points, or 0.8% — signaling a more positive outlook.
Yesterday the Dow fell over 1,000 points amid ongoing investor uncertainty about tariffs and the future of Powell’s position as head of the central bank. National Economic Council Director Kevin Hassett last week said Mr. Trump and his team are studying whether Mr. Trump can fire Powell. While the outlook for leadership at the Fed remains unclear, analysts say that removing Powell would destabilize the United States’ reputation on the world stage and set off a crisis in global financial markets.
Technology companies also inched up before the bell Tuesday. Shares of Meta Platform, Nvidia, and Tesla – the latter of which is expected to release its earnings later today – all rose less than 1%. Tesla shares are down about 40% since the beginning of 2025.
A few factors could be driving the uptick, said Adam Crisfaulli, president of investment advisory firm Vital Knowledge, in a research note. Among them: the potential for a US-India trade deal and certain key Congressional Republicans coming out in support of Fed independence.
Despite the promising precursor to Tuesday trading on Wall Street, Trump’s trade war continues to shake up markets around the world. Global shares were trading mixed Tuesday, with the major Eurozone indices all edging down during early trading. Stock prices in Asia were mixed.
“Across Asia, there is undoubtedly a sense of urgency to get to the negotiation table even as striking a deal at an appropriate cost can be tough,” Tan Boon Heng, at Mizuho Bank’s Asia & Oceania Treasury Department, told the Associated Press.
The Dow Jones Industrial Average is on track for its worst April since 1932, The Wall Street Journal reported.
The dollar index steadied on Tuesday after sliding to its lowest level in three years on Monday, while the yield on the 10-year Treasury continued to climb, rising to 4.43% overnight before landing at 4.39% in the morning. Both the dollar index and yields on Treasury notes are key indicators of how much faith investors have in the economy.
The Associated Press
contributed to this report.
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes”, CBSNews.com, and CBS News 24/7 as part of the CBS News Associate Program.
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