Tonight’s Highlights | Nasdaq Futures Hit New Highs as Market Focus Shifts to Powell's Testimony

Market Snapshot

Index Futures: As of this writing, Dow Jones futures were nearly flat, up just 1 point. S&P 500 futures rose 0.16%. The tech-heavy Nasdaq 100 futures were a standout performer, gaining 0.37%, with its main contract briefly surpassing 22,500 to set a new all-time high.
Previous Session Recap: In the prior trading day, the three major U.S. indexes all closed over 1% higher. Both the S&P 500 and the Nasdaq Composite approached their all-time highs, while the more tech-weighted Nasdaq 100 had already set a new record close.
European Markets: European stocks are trading mostly lower. Germany's DAX and France's CAC 40 are both down approximately 0.45%, while the UK's FTSE 100 has edged down 0.06%.

Focus and Outlook

With signs of easing tensions in the Middle East, market focus is returning to economic data, trade risks, and the U.S. government's fiscal health to assess their potential impact on corporate revenue and profit outlooks.

Later today, global investors will be closely watching Fed Chair Jerome Powell's testimony on the semi-annual monetary policy report before the Senate. During his House testimony a day earlier, Powell reiterated a patient, wait-and-see approach to the economy, stating there is no rush to act. Despite this, influenced by recent dovish remarks from Fed Governors Waller and Bowman, traders have already priced in expectations for further rate cuts at the front end of the Treasury yield curve.

Individual Stocks & Corporate Headlines

Tech Stocks: Tesla (TSLA) and NVIDIA (NVDA) were up nearly 1% in pre-market trading, continuing their recent strong momentum.
Coinbase (COIN): Shares rose over 4% pre-market after prominent investment bank Bernstein significantly raised its price target from $310 to $510.
Pony.ai: The stock surged 7% pre-market after the company announced its official inclusion in the Nasdaq Golden Dragon China Index. Following the latest adjustments, the index includes 73 companies, featuring popular U.S.-listed Chinese stocks like Alibaba, JD.com, and Li Auto.
Court Halts Trump Administration from Withholding EV Charging Funds: According to reports, a federal judge in Washington state issued a temporary injunction on Tuesday to block the Trump administration from withholding federal funds designated for building electric vehicle charging infrastructure in 14 states. The funding originates from the Bipartisan Infrastructure Law passed during the Biden administration.
UK to Procure Nuclear-Capable F-35A Jets: The British government announced on Tuesday its plan to purchase 12 American-made F-35A fighter jets with nuclear strike capabilities, a move described as the most significant step to enhance its nuclear deterrent in recent decades.
Tesla's China Energy Project: Tesla revealed that its first grid-side energy storage project in mainland China (a $300 MWh$ facility) is expected to be completed and operational this year. The project is located in Shanghai, with its long-term plan aiming for a gigawatt-hour (GWh) scale.
XPeng on Export Models: Addressing the trend of overseas markets tightening imports of "zero-kilometer used cars," an XPeng executive stated that the company has always exercised restraint and has not adopted this model to boost short-term sales, focusing instead on compliance and sustainable growth.