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US stock futures held steady on Tuesday as investors weighed improved market sentiment following fresh record highs.
Futures attached to the Dow Jones Industrial Average (YM=F) slid 0.1%, while those on the benchmark S&P 500 (ES=F) dropped 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) lost 0.3%.
On Monday, stocks continued a rally that started last week, with the Nasdaq and S&P 500 notching new record highs. Reports of progress on US trade deals with Canada and the European Union boosted Wall Street's mood even as the July 9 deadline for the resumption of President Trump's "reciprocal" tariffs looms.
Read more: The latest on Trump's tariffs
Meanwhile, the Senate is making a final push to advance Trump's signature legislation. A final vote could come as soon as Tuesday even as last-minute changes have pushed the bill's price tag up by nearly $1 trillion.
With markets increasingly optimistic that an interest rate cut from the Federal Reserve could be around the corner, Thursday's job report is in high focus this week. Investors will be watching for signs of cooling in the labor market, which could bolster the case for a cut sooner rather than later.
Trading will end early on Thursday at 1 p.m. ET due to the Fourth of July holiday.
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Trending tickers: Wolfspeed, Robinhood and Tesla
Here are some top stocks trending on Yahoo Finance in premarket trading:
Wolfspeed (WOLF) filed for Chapter 11 bankruptcy protection on Monday, as the chipmaker grapples with huge debt amid slowing demand from electric vehicle and industrial markets.
Shares of the company — which makes chips using silicon carbide, a more energy-efficient material than traditional silicon — rose 90% in premarket trading on Tuesday.
Robinhood (HOOD) stock rose 2% before the bell on Tuesday. On Monday, Robinhood CEO and chairman Vlad Tenev shared some insights into retail investor sentiment on Market Domination with Yahoo Finance Executive Editor Brian Sozzi.
"I think that the the impact on society long-term from AI and cryptocurrency, there's there's optimism about that and and I think that's what you're seeing reflected in the markets," Tenev said.
Tesla (TSLA) stock fell 4% in premarket trading after President Trump threatened to withdraw government subsidies
Tesla stock falls as investors brace for Q2 sales
Tesla's (TSLA) stock is sliding in premarket trade as investors brace for what's expected to be another tough quarter for deliveries.
The EV maker's sales in Sweden and Denmark dropped over 60% year on year in June, underlining the challenges facing the company as rivals from China and elsewhere make headway. A 31% fall for deliveries of the Model Y in those countries signaled the revamp may be falling short of reviving Tesla's fortunes, despite gains in Norway.
Tesla shares fell almost 6% early on Tuesday morning, also under pressure after President Trump again threatened to withdraw government subsidies from Elon Musk’s companies. The Tesla CEO recently ramped up his officer ratcheted up his criticism of Trump's flagship tax megabill.
Yahoo Finance's Pras Subramanian reports on what Wall Street is watching from Tesla:
Gold back on positive track with Fed and tariffs in focus
Gold (GC=F) rose for a second consecutive day with positive sentiment brewing around the potential of the Federal Reserve to cut rates.
Bloomberg reports:
