Pre-Bell｜Wall St Futures Slip After Trump Attack On Fed's Cook; EchoStar Up 66%; IBKR Up 4%; EHang Down 10%

U.S. stock index futures slipped on Tuesday, pressured by a rise in longer-dated Treasury bond yields as President Donald Trump's decision to fire a Federal Reserve governor renewed concerns about the central bank's independence.

Market Snapshot

At 07:36 a.m. ET, Dow E-minis were down 79 points, or 0.17%, S&P 500 E-minis were down 9.5 points, or 0.15%, and Nasdaq 100 E-minis were down 39.75 points, or 0.17%.

Pre-Market Movers

AT&T Inc rose 0.9% after the telecommunications company said it intended to buy spectrum licenses from EchoStar for $23 billion. AT&T said the purchase would give it the exclusive rights to a slice of the radio frequency spectrum in specific areas. AT&T said the transaction would help it to "maintain long-term leadership in advanced connectivity across 5G and fiber." EchoStar shares soared 66%.

Eli Lilly said on Tuesday its experimental GLP-1 pill helped overweight adults with type 2 diabetes shed 10.5% of body weight in a late-stage trial, after recent data from another study of the drug in patients without diabetes sent company shares tumbling. Shares of Eli Lilly jumped 2% on the news.

Interactive Brokers was rising 4.2% after S&P Dow Jones Indices announced the online broker would be replacing Walgreens Boots Alliance in the S&P 500 at the open of trading on Thursday. Walgreens is being acquired by the private-equity firm Sycamore Partners in a deal expected to be completed soon.

Talen Energy jumped 4.6% after the power generator was selected to replace Interactive Brokers in the S&P MidCap 400 index, also beginning Thursday.

Palantir Technologies dropped 0.6% ahead of the opening bell. Shares of Palantir, which sells AI software to manage and analyze large amounts of data, declined 1% on Monday. CEO Alex Karp unloaded more than 400,000 shares in the data-analytics company last week, according to a filing with the Securities and Exchange Commission.

Nvidia edged up 0.5% in premarket trading after the maker of chips for artificial-intelligence applications closed up 1% onn Tuesday and extended its streak to two trading sessions. It was the best-performing stock in the Dow Jones Industrial Average on Monday. Coming into Tuesday, Nvidia has risen 34% this year. The chip maker is scheduled to report second-quarter earnings on Wednesday.

EHang Holdings Ltd trimmed its 2025 revenue guidance to about 500 million renminbi from 900 million renminbi. Analysts surveyed by FactSet expected 863.3 million renminbi. EHang tumbled 10% in premarket.

Serina Therapeutics, Inc. soared 26% after the microcap clinical-stage drugmaker said the Food and Drug Administration supported the trial for its experimental treatment for Parkinson's disease. The company said it plans to advance its SER-252 drug under the FDA's new drug application regulatory pathway.

Heico, the maker of aerospace aftermarket parts, reported fiscal third-quarter earnings of $1.26 a share, better than analysts' estimates of $1.13. Revenue of $1.15 billion topped forecasts of $1.12 billion. The stock was up 1% in premarket trading.

Semiconductor company Semtech posted second-quarter adjusted earnings of 41 cents a share, beating analysts' estimates by 1 cent, as revenue of $258 million rose 20% from a year earlier and topped consensus. Semtech said it expects third-quarter adjusted earnings of 44 cents a share, plus or minus 3 cents, in line with estimates. Shares rose 0.5%.

Market News

Top Chinese trade negotiator to head to US for talks

Senior Chinese trade negotiator Li Chenggang is expected to travel to Washington this week to meet U.S. officials, a United States government spokesperson said, with the two superpowers looking to chart a path beyond their current tariff truce.

Li, China's international trade representative and a key negotiator alongside economy tsar He Lifeng, may meet deputy-level U.S. government officials, the spokesperson said late on Monday, adding that the visit was not part of a formal negotiating session.

Morgan Stanley joins global peers with September Fed rate cut outlook as Powell shifts tone

Morgan Stanley has joined a growing bloc of global brokerages forecasting a September interest rate cut by the U.S. Federal Reserve, citing Chair Jerome Powell's shift in tone toward labor market risks at the Jackson Hole symposium.

In a note dated Monday, the brokerage said Powell's tone marked a departure from his earlier emphasis on inflation persistence and low unemployment, suggesting the Fed may move preemptively to manage downside risks to the labor market.