US stock futures stalled on Tuesday after President Trump ordered the removal of Federal Reserve governor Lisa Cook and threatened to impose new digital tax-related tariffs.

Dow Jones Industrial Average futures (YM=F) edged down 0.1%, while those on the S&P 500 (ES=F) hovered just below the flat line. Contracts on the tech-heavy Nasdaq 100 (NQ=F) also traded flat, after stocks pulled back from a record-setting rally on Monday.

Investors are treading carefully after Trump took to social media to ramp up pressure in his Fed feud and in his trade offensive.

The president said late Monday that he had determined there was "sufficient cause" to oust Cook, after the top Fed official resisted persistent demands for her resignation over allegations of mortgage fraud. Cook responded by saying Trump didn't have the authority to fire her and she wouldn't step down.

Longer-dated US bond prices fell amid concerns that Trump's moves against Fed independence and for interest-rate cuts could stoke inflation. The yields on 10-year (^TNX) and 30-year (^TYX) Treasurys rose to about 4.3% and 4.9%, respectively.

On the trade front, Trump vowed to impose fresh tariffs and export curbs on chips and technology from countries that "unfairly" placed taxes on US digital services, speaking in a Monday social media post.

Read more: The latest on Trump's tariffs

The reprisal risks escalating trade tensions between the US and the European Union, as the major trading partners inch toward understanding on tariffs. Wall Street is already monitoring risks in Europe as political turmoil risks collapse for France's government.

Meanwhile, 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.

Here's a look at some of the top stocks trending in premarket trading:

Wolfspeed (WOLF) shares jumped more than 3% premarket after its fourth quarter results. The chipmaker, which has been grappling with a Chapter 11 and a restructuring, reported a loss per share $4.30, compared to a loss of $1.39 per share during the same period a year ago. Revenue came in at $197 million, compared to $201 million the previous year. Wall Street analysts expected worse results.

Interactive Brokers Group (IBKR) stock rose 3% before the bell on news it will be joining the S&P 500 (^GSPC) at the start of trading on Thursday, replacing Walgreens Boots Alliance.

Constellation Brands (STZ) stock fell over 1% premarket on Tuesday and was down more than 1% after dropping 2% Monday. RBC Capital cut its price target on the beer, wine and spirits company to $230 from $233, though it maintained an Outperform rating.

Gold (GC=F) rose overnight Monday as news of President Trump's announced intent to remove Federal Reserve Governor Lisa Cook from her position. With uncertainty around the legality of the move, or the broad impact upon markets, investors pushed up the haven asset as a safeguard against instability.

Bloomberg reports:

Bullion climbed as much as 0.6% in early Asian trading, erasing an earlier decline, after Trump posted a letter with the announcement on his Truth Social account late on Monday. The dollar weakened against every major peer and short-dated Treasury yields slipped, adding support for gold, which is priced in the currency.

The move is Trump’s latest attempt to pressure the Fed leadership, whom he has called on repeatedly but unsuccessfully to lower interest rates. The central bank has held monetary policy steady so far in 2025 amid concerns that Trump’s tariffs will fuel inflation, though on Friday Chair Jerome Powell signaled a potential adjustment in September. Lower rates tend to benefit non-yielding gold.

Forcing out Cook, who is facing allegations of mortgage fraud, would allow Trump to secure a four-person majority on the seven-member board. Earlier this month, he chose Council of Economic Advisers Chairman Stephen Miran to serve in the place of Adriana Kugler, who vacated her position early.

Read more here.