After touching record highs for two consecutive sessions, Dow Futures tumbled on Tuesday amid rising uncertainty over US President Donald Trump’s ‘Big Beautiful Bill.’
Dow Jones Industrial Average futures dipped by 70 points, or 0.1%, while futures linked to the S&P 500 and Nasdaq-100 each edged down 0.3%.
The S&P 500 rose 0.5% on Monday, marking yet another record close, while the tech-focused Nasdaq Composite also notched a new all-time high with a similar 0.5% gain.
Meanwhile, the Dow Jones Industrial Average added 275.50 points, or 0.6%.
The investor sentiment looks cautious as Republicans are struggling to build consensus around Donald Trump’s $3.3 trillion tax cut bill.
The Senate worked through the night, voting on a series of amendments as part of a complex procedural strategy Republicans are using to sidestep Democratic opposition.
This approach allows them to advance legislation without the usual requirement of securing support from 60 out of 100 senators.
“They’re still trying to get a resolution on the vote, and we’ll probably have an hour delay because they’ve got to get all the technical corrections right,” Republican Senator Thom Tillis told reporters.
Dow Futures hang in balance as July 9 tariff deadline loom
The investors on Wall Street seem to be closely following President Donald Trump’s signals as his July 9 tariff deadline is looming.
The stock market rally on Monday was backed by Canada’s announcement to reverse its decision on the digital services tax in a bid to ease tensions and reopen trade talks with the United States.
Ottawa’s retreat follows President Donald Trump’s blunt announcement on Friday that he would be “terminating ALL discussions on Trade with Canada.”
With Trump’s 90-day pause on his most aggressive tariffs nearing its end next week, traders are hopeful for renewed agreements between the US and its key trading partners.
Wall Street’s record gains
US stock markets witnessed a strong rebound after a sharp sell-off in April that brought the S&P 500 dangerously close to bear market territory after President Trump announced his sweeping tariffs on the world.
The major indexes rallied strongly, with the S&P 500 ending the second quarter up 10.6%, while the Nasdaq soared nearly 18% over the same period.
As investors enter the second half of the year with equities at record highs, there’s a growing sense of optimism that the rally still has room to run in the months ahead.
Tuesday’s trading is expected to remain volatile as the investors will turn their attention to key economic data.
The S&P Global Purchasing Managers’ Index will offer fresh insight into manufacturing sector activity, followed closely by the ISM manufacturing report.
Additionally, the Job Openings and Labor Turnover Survey (JOLTS) will be unveiled, providing a deeper look into the strength of the labor market.
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