US stock futures wavered around the flatline on Tuesday as Wall Street braced for July’s inflation report and President Trump revealed his pick to head the Bureau of Labor Statistics.
Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) held steady.
Intel (INTC) stock jumped more than 3% in premarket trading on Tuesday after CEO Lip-Bu Tan met with President Trump, who had called for Tan’s resignation last week.
After the meeting, Trump posted to Truth Social saying that he had met with Tan along with Secretary of Commerce Howard Lutnick and Secretary of the Treasury Scott Bessent. “The meeting was a very interesting one,” the president wrote, adding, “His success and rise is an amazing story.”
On Tuesday, reports said China urged local firms not to use Nvidia H20 chips, complicating Trump’s bid to turn those sales into a US windfall.
After the bell on Monday, Trump announced that he nominated E.J. Antoni, chief economist at the conservative Heritage Foundation, to lead the BLS.
“E.J. will ensure that the Numbers released are HONEST and ACCURATE,” the president said on Truth Social.
Trump fired Erika McEntarfer as commissioner of the BLS earlier this month following the release of the July jobs report, which contained “larger than normal” revisions to data and revealed fewer jobs than previously thought had been added to the economy. Trump said, without providing evidence, that McEntarfer had been acting politically and her numbers “were wrong.”
During day trading, stocks slumped even as Trump reportedly granted another 90-day pause on the most punishing tariffs on China as the two countries work toward a trade deal.
Read more: The latest on Trump’s tariffs
Wall Street is preparing for the release of July’s Consumer Price Index (CPI) report on Tuesday morning. Analysts expect it to show that prices increased as Trump’s tariffs kicked in. A hot inflation report could put the Federal Reserve in a tight spot as it navigates rising prices amid recent signs of a weakening labor market. In the background, anticipation over the possibility of a September interest rate cut continues to grow.
Investors will get two more pulse checks on the state of the economy later this week, with the release of the Producer Price Index on Thursday and retail sales data on Friday.
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