Stock Market Today: Dow Jones, Nasdaq 100 Futures Tumble After Trump Fires Fed Governor Lisa Cook—Interactive Brokers, PVH Corp, Okta In Focus
U.S. stock futures fell on Tuesday following Monday’s lower close. Futures of major benchmark indices were lower.
The decline followed President Donald Trump‘s firing of Lisa Cook, a member of the Federal Reserve Board of Governors, on Monday.
Cook was removed from her position, citing what Trump referred to as "deceitful and potentially criminal conduct" based on a "criminal referral" from William J. Pulte, director of the Federal Housing Finance Agency, to U.S. Attorney General Pamela Bondi earlier this month.
However, according to a New York Times report, in a statement released through her attorney on Monday evening, Cook said that "no cause exists under the law" for Trump to fire her. "I will not resign," she said. "I will continue to carry out my duties to help the American economy as I have been doing since 2022."
Investors always await Nvidia Corp. (NASDAQ:NVDA) second-quarter earnings, scheduled to be released on Wednesday after market close.
Meanwhile, the 10-year Treasury bond yielded 4.30% and the two-year bond was at 3.71%. The CME Group's FedWatch tool‘s projections show that markets are pricing an 84.3% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
Futures
Change (+/-)
Dow Jones
-0.15%
S&P 500
-0.10%
Nasdaq 100
-0.11%
Russell 2000
-0.23%
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Monday. The SPY was down 0.034% at $642.25, while the QQQ declined 0.046% to $570.06, according to Benzinga Pro data.
Cues From Last Session
With most sectors on the S&P 500 closing on a negative note, consumer staples, health care, and utilities stocks recorded the biggest losses on Monday. However, communication services and energy stocks bucked the overall market trend, closing the session higher.
U.S. stocks settled lower overall as investors paused to reassess a sharp move higher, spurred by dovish comments from Federal Reserve Chair Jerome Powell that rekindled hopes for a September rate cut.
Nvidia shares gained 1% on Monday, as investors remained upbeat ahead of the company's highly ...
