U.S. stock futures were mixed on Tuesday, with the Dow Jones index rising while the Nasdaq 100 and S&P 500 slipped, following Monday's higher close. The 10-year Treasury yield sat at 4.50%, and the two-year at 4.13%. Markets are pricing a 74.9% chance the Fed leaves rates unchanged at its July meeting, according to the CME FedWatch tool.

On Monday, President Donald Trump said the federal government deposited the first $1,000 into more than 500,000 newly created "Trump Accounts," a program aimed at giving eligible American newborns an early start in investing. He also announced that Walmart Inc. (WMT) will be significantly reducing prices at the request of his administration.

Here's how the major index futures were shaping up ahead of the open:

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ) were lower in premarket, with SPY down 0.15% at $750.19 and QQQ down 0.83% at $716.76.

Stocks In Focus

SpaceX

Space Exploration Technologies Corp. (SPCX) was 2.14% lower after it joined the Nasdaq 100 index just 15 days after its stock market debut, despite expectations of billions in passive investment inflows. Market data indicates that SPCX maintains a weak price trend in the medium, short, and long terms.

Micron Technology and Ford

Micron Technology Inc. (MU) tumbled by 5.37%, and Ford Motor Co. (F) was down 0.072% after both companies announced a long-term Strategic Customer Agreement on Monday. Under the agreement, Micron will expand production of key automotive memory solutions to help secure the supply chain for Ford's next-generation vehicles. Market data indicates that MU maintains a strong price trend in the long, short, and medium terms, with a good quality score.

Rivian Automotive

Rivian Automotive Inc. (RIVN) dropped 7.70% as it announced an underwritten public offering of up to 75 million shares of common stock. It also reported impressive second-quarter production and delivery figures, surpassing its own expectations. Market data indicates that RIVN maintains a strong price trend in the long, short, and medium terms.

RxSight

RxSight Inc. (RXST) was 1.61% lower as it said it sees second-quarter revenue of $32 million to $34 million and FY2026 revenue of $140 million to $160 million. It also announced a non-exclusive collaboration with Alcon to jointly develop adjustable presbyopia-correcting intraocular lenses. Market data indicates that RXST maintains a weak price trend in the medium, short, and long terms.

Penguin Solutions

Penguin Solutions Inc. (PENG) fell 1.80% as analysts expect it to report earnings of 54 cents per share on revenue of $405.53 million after the closing bell. Market data indicates that PENG maintains a strong price trend in the short, long, and medium terms, with a moderate growth score.

Cues From Last Session

Information technology and communication services stocks were among the top gainers on Monday, while health care, real estate, and utilities stocks recorded the biggest losses, leading most sectors on the S&P 500 to close on a negative note. Amid a rebound in chip stocks, U.S. stocks settled higher on Monday, with the Nasdaq Composite gaining more than 1% during the session.

Insights From Analysts

According to Dean Chen, the U.S. stock market and broader economy are entering a new phase defined by heightened "monetary policy uncertainty," as the Federal Reserve pivots away from traditional forward guidance toward a strict data-dependent approach. Chen notes that because the Fed is "reducing reliance on forward guidance," market expectations will now hinge entirely on real-time data rather than preset signals. Consequently, Chen expects increased market turbulence, warning that "policy uncertainty may drive higher volatility around inflation and employment releases." Without the smoothing effect of forward guidance, asset prices will become far more sensitive to macroeconomic indicators.

Compounding this volatility are external pressures. Chen highlights that "Middle East tensions return as oil markets balance geopolitical risks and stable supply," which could impact energy costs and inflation. Additionally, international factors like Japan's weak yen and fiscal strain will keep "demand for U.S. dollar assets elevated." Ultimately, Chen expects a cautious, highly reactive environment for U.S. markets, where investors must closely parse incoming liquidity conditions and economic growth data to gauge market direction.

Upcoming Economic Data

Here's what investors will be keeping an eye on Tuesday. No data is scheduled to be released on Tuesday.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading higher in the early New York session by 1.18% to hover around $69.36 per barrel. Gold Spot US Dollar fell 0.85% to hover around $4,129.55 per ounce. The U.S. Dollar Index spot was 0.04% higher at the 100.8960 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 0.30% higher at $63,027.20 per coin over the last 24 hours.

Asian markets closed mostly lower on Tuesday, except India's Nifty 50 index. Australia's ASX 200, South Korea's Kospi, Japan's Nikkei 225, China's CSI 300, and Hong Kong's Hang Seng indices fell. European markets were mixed in early trade.