Stock market today: Dow, S&P 500, Nasdaq futures creep higher as investors count down to Nvidia earnings

US stock futures slipped following Trump’s announcement he has removed Fed governor Lisa Cook.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F) inched 0.1% down. Contracts on the tech-heavy Nasdaq 100 (NQ=F) slid 0.2%.

Trump, in a post on Truth Social late Monday night, has claimed to fire Federal Reserve Governor Lisa Cook. The announcement follows a week of threats against Cook surrounding allegations of mortgage fraud. Markets have reacted with reticence, going into a holding pattern overnight while the dollar dropped.

Stocks fell on Monday, pulling back from last week’s record-setting rally following Federal Reserve Chair Jerome Powell’s speech in Jackson Hole, Wyo. His remarks sent bets for a September rate cut soaring as he stressed the current economic outlook may warrant a shift in monetary policy.

President Trump met with South Korea President Lee Jae Myung on Monday, but no changes were made to a trade deal between the countries that sets a 15% tariff on imports. Details of new investments in the US began to circulate after the meeting, however, with Korean Air announcing the purchase of 103 Boeing (BA) airplanes.

Read more: The latest on Trump’s tariffs

Now, Wall Street is bracing for Nvidia earnings, which land Wednesday after the bell. Expectations for its results are sky-high, with the company’s stock up almost 34% so far this year, even as restrictions on chip sales to China have possibly cost the company billions. Nvidia’s results will also serve as a litmus test for Big Tech since the industry’s eye-popping investments in AI have started to convince investors to look elsewhere.

In other corporate earnings, Dell (DELL), Dick’s Sporting Goods (DKS), Best Buy (BBY), Dollar General (DG), and Abercrombie & Fitch (ANF) will report their results this week.

Finally, the latest release of the Fed’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) index, arrives Friday.