U.S. stock futures are pointing higher after yesterday's market losses on President Donald Trump's comments about the Federal Reserve Chair Jerome Powell; Tesla (TSLA) is set to report its highly anticipated first-quarter results after markets close; gold futures hit $3,500 an ounce for the first time; the U.S. dollar index hits its lowest level in three years; and Verizon Communications (VZ) stock is falling after a wider-than-estimated drop in phone subscribers outweighed Q1 results that topped analysts' expectations. Here's what investors need to know today.
U.S. stock futures are pointing higher after markets plunged to start the week on President Donald Trump's critical remarks about Federal Reserve Chair Jerome Powell. Nasdaq futures are 0.8% after the tech-focused index declined by 2.6% yesterday, while S&P 500 and Dow Jones Industrial Average futures are up by similar percentages. Bitcoin (BTCUSD) is rising to trade at over $88,500. The yield on the 10-year Treasury note is ticking lower to around 4.4%. Oil futures are up more than 1%.
Tesla (TSLA) stock is less than 1% higher in premarket trading ahead of the electric vehicle maker's highly anticipated first-quarter earnings report after the closing bell today. Tesla's shares have dropped 44% this year, including nearly 6% yesterday, amid worries it will be impacted by trade policy and distractions over CEO Elon Musk's political activities. The EV maker has already posted weaker-than-expected Q1 deliveries and analysts polled by Visible Alpha expect quarterly adjusted earnings per share (EPS) to have fallen by nearly 8% year-over-year to $0.42.
Gold futures surpassed $3,500 per ounce for the first time early Tuesday as investors continued to flock into safe-haven assets amid market disruptions over worries about Federal Reserve independence. Gold has hit record highs more than 20 times this year on investor concerns over Trump’s trade policies, while his recent attacks on the Fed chair have been viewed as threatening the central bank's independence, a linchpin of the global economy. Gold futures have pulled back slightly from record highs and are trading at $3,468 an ounce.
The U.S. dollar index (DXY) hit a three-year low Monday amid investor concerns over threats to Federal Reserve independence following Trump's comments. The benchmark dollar index has declined about 5% since early April, when President Trump disrupted global financial markets with his unveiling of sweeping tariffs. The latest slide comes as investors focus on Trump's relationship with Powell, whom the president has accused of slow-walking interest-rate cuts. The dollar index is trading at around 98.37 after yesterday sliding as low as 97.92, its lowest level since March 2022.
Verizon Communications (VZ) stock is falling 4.5% in premarket trading after the wireless provider missed subscriber estimates in its first-quarter report. Retail postpaid phone net losses of 289,000 subscribers were worse than the 218,000 subscriber losses projected from analysts polled by Visible Alpha. The company reported adjusted earnings per share (EPS) of $1.19 on operating revenue of $33.49 billion, both of which exceeded expectations.
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