U.S. stock futures are relatively flat ahead of the Wall Street open after falling on Monday.

Stocks weakened overnight after President Donald Trump announced his attempt to fire Federal Reserve Governor Lisa Cook from the board of the central bank. Cook swiftly rejected the dismissal, stating that Trump lacks the legal authority to remove her and vowing to continue her duties.

The news comes after investors became hopeful about the prospect of lower interest rates coming in September, as hinted at by Powell last week in Jackson Hole, Wyoming.

Traders will be focused on economic data today with reports due on Durable Goods, housing prices and Consumer Confidence. 

Snapshot (as of 7:15 AM ET)

• Oil (/CL) – Oil prices are down over 1.5% near $63.60 a barrel after surging nearly 2% in Monday’s session as traders monitor developments surrounding the war in Ukraine and potential disruption to Russian fuel supplies.
• Gold (/GC) – Gold prices are up 0.2% near $3420 and climbed to a more than two-week high on Tuesday, after U.S. President Donald Trump said he was removing Federal Reserve Governor Lisa Cook, a move seen by many as eroding the central bank’s independence and undermining confidence in U.S. assets.
• Bitcoin (/BTC) – The Crypto Future is down 1.0% near $109,700 in the premarket.
• VIX – The CBOE Volatility Index was up 4% on Monday and settled at 14.79 as stocks were lower.
• U.S. Dollar (/DX) – The dollar is 0.2% lower to 98.

Biggest Premarket Movers (Mark % Change as of 7:15 AM ET)

1. AMD (AMD): +2.34%
2. Eli Lilly (LLY): +2.11%
3. Schein Henry (HSIC): +2.03%

1. Smurfit Westrock (SW): -2.24%
2. Generac (GNRC): -1.70%
3. Constellation Brands (STZ): -0.93%

Economic Data

• 8:30AM ET: Durable Goods Orders, Fed’s Barkin Speaks
• 9:00AM ET: Case-Shiller Home Price Index, FHFA House Price Index
• 10:00AM ET: Consumer Confidence, Richmond Fed Mfg. Index
• 1:00PM ET: 2-Year Note Auction

Notable Earnings

• Premarket: BMO, BNS, BEKE, HDL
• Postmarket: BOX, JOYY, MDB, OKTA, PVH
• Premarket Tomorrow: ANF, DCI, SJM, KSS, PLAB, RY, WSM
• Postmarket Tomorrow: A, BILL, COO, CRWD, FIVE, GES, HPQ, NTAP, NTNX, NVDA, PSTG, SNOW, TCOM, URBN, VEEV

Upgrades/Downgrades

• Truist upgrades AMD (AMD) to Buy from Hold
• Arete upgrades Qualcomm (QCOM) to Buy from Neutral
• Canaccord upgrades Okta (OKTA) to Buy from Hold
• BofA downgrades Constellation Brands (STZ) to Underperform from Neutral
• Citi downgrades Generac (GNRC) to Neutral from Buy
• New Street downgrades PDD Holdings (PDD) to Neutral from Buy

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Data contained herein is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. All events and times listed are subject to change without notice.