United States stock futures remained mostly flat on Monday night (Tuesday AEST) after a turbulent day on Wall Street, as investors digested a wave of political uncertainty triggered by President Donald Trump's latest criticism of Federal Reserve Chair Jerome Powell.
By 8:50 am AEST (10:50 pm GMT) Dow Jones Industrial Average futures, S&P 500 futures remained flat while Nasdaq 100 futures eased 0.1%.
In extended trading, BOK Financial fell 1.6% after posting first-quarter earnings of $1.86 per share, below the $1.99 expected, while revenues were reported at $500.37 million versus $520.15 million expected.
Meanwhile, Calix jumped 14.6% following better-than-expected earnings and upbeat guidance for the current quarter.
The overnight moves followed a steep sell-off in the regular session. The Dow dropped over 970 points, while the S&P 500 and Nasdaq Composite each lost more than 2%.
Tensions escalated after Trump once again attacked Powell on Truth Social, writing that the economy would slow without immediate interest rate cuts. In his post, Trump called Powell “Mr. Too Late” and a “major loser”, echoing similar remarks made in recent days.
He previously hinted at Powell’s potential “termination” - a move White House economic advisor Kevin Hassett said is under review by Trump’s team. Powell, however, maintains that he cannot be dismissed before his term ends in May 2026.
ANZ analysts commented on the unfolding situation, stating: "On Thursday night, Powell noted the tariffs were higher than expected, and that the Federal Open Market Committee may find itself in a scenario where its dual mandate, of full employment and price stability, is in tension.
"He was keen to emphasise that the Fed is well positioned to wait for more clarity before adjusting interest rates. Trump posted on social media that Powell’s termination could not come quick enough and that rates should be lower as there is 'virtually No Inflation' (pointing to lower energy and food prices)."
Looking ahead, investors will monitor Tuesday’s manufacturing index from the Richmond Fed, alongside speeches from several Federal Reserve officials, including Vice Chair Philip Jefferson, Minneapolis Fed President Neel Kashkari, and Governor Adriana Kugler.
On the corporate earnings front, Lockheed Martin is scheduled to report before the opening bell, with Tesla’s quarterly results expected after market close - a release likely to attract significant market attention.
