U.S. stock futures advanced on Tuesday following Monday’s positive moves. Futures of major benchmark indices were higher.
In a major setback for President Donald Trump, a U.S. Appeals Court for the District of Columbia denied an emergency motion to remove Federal Reserve Governor Lisa Cook, allowing her to participate in this week’s Federal Open Market Committee (FOMC) meeting.
In a 2-1 decision, Judges Brad Garcia and Michelle Childs issued a concurring opinion saying that Cook was likely denied her constitutional rights when removed without any opportunity to respond to the allegations against her.
Investors are eyeing the FOMC, which begins its two-day meeting today, and the decision on rate cuts will be announced on Wednesday at 2:00 p.m. ET.
Meanwhile, the 10-year Treasury bond yielded 4.03% and the two-year bond was at 3.53%. The CME Group’s FedWatch tool‘s projections show markets pricing a 100% likelihood of the Federal Reserve cutting the current interest rates for the Sept. 17 decision.
| Futures | Change (+/-) |
| Dow Jones | 0.05% |
| S&P 500 | 0.24% |
| Nasdaq 100 | 0.38% |
| 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, rose in premarket on Tuesday. The SPY was up 0.24% at $662.51, while the QQQ advanced 0.37% to $593.67, according to Benzinga Pro data.
Cues From Last Session
On Monday, the market saw a mixed performance across sectors, with Communication Services leading the gains. Other notable winners included Consumer Discretionary and Information Technology.
On the losing side, Consumer Staples was the biggest laggard, falling 1.15%, followed by Health Care, which dropped 1.01%.
The S&P 500 and Nasdaq 100 indices closed at record highs on Monday.
On the economic front, the Empire State Manufacturing Survey showed a modest decline in New York State business activity for September. The index fell 21 points into negative territory at −8.7, driven by sharp decreases in new orders and shipments, while the six-month outlook remained subdued.
In stock-specific news, CoreWeave Inc. (NASDAQ:CRWV) shares ended up 7.60% after the company announced a new $6.3 billion agreement with Nvidia Corp. (NASDAQ:NVDA), under which Nvidia …