US stock futures climbed on Tuesday as President Trump's pick for Fed governor headed for Senate confirmation, following another record-setting day on Wall Street.

Futures attached to the Dow Jones Industrial Average (YM=F) rose just above the flatline, the benchmark S&P 500 (ES=F) edged higher 0.1%, and the tech-heavy Nasdaq 100 (NQ=F) rose 0.2%.

The Senate is expected to vote to officially confirm Stephen Miran as Trump's nominee to the Federal Reserve Board on Monday night, a day before the central bank's policy meeting kicks off Tuesday. The move would put Miran in place just in time to cast a crucial vote on the direction of interest rates.

Though Miran has said he would act independently if confirmed, his intention to take a leave of absence — but not resign — from his current role as a White House advisor has raised questions about the future of Fed independence, especially as Trump pursues firing Fed governor Lisa Cook.

In day trading Monday, stocks rose, lifting the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) to new heights. Ongoing US-China trade talks in Madrid and anticipation Fed officials will announce a rate cut at its next meeting boosted sentiment.

In an otherwise light week on economic data, on Tuesday, investors will receive the latest figures on retail sales. The update will offer insight into how consumers are faring amid sticky inflation and a wobbly labor market.

The main event of the week, however, lands Wednesday, when the Fed will announce its decision on rates. Markets are confident policymakers will cut rates due to a slowdown in the labor market, despite persistently high prices. Traders currently see a 96% chance of a 25 basis-point cut and a 4% chance of a jumbo reduction.

Finally, on Friday, Trump and Chinese President Xi Jinping are expected to discuss trade and a new framework for a TikTok deal.

Bloomberg reports:

Gold (GC=F) hit another fresh record, as investors bet on a Federal Reserve rate cut this week and weighed the scope for more monetary easing in coming months.

Bullion on Tuesday surpassed Monday’s all-time high of around $3,685 an ounce, where it was also supported by a gauge of the US dollar falling to the lowest in more than seven weeks. While a rate cut this week is priced in by markets, the Fed will also release its quarterly update of economic and rate forecasts, dubbed the dot plot, and Chair Jerome Powell will hold his post-decision press conference.

Gold has surged more than 40% this year, outpacing major assets such as the S&P 500 index, and recently surpassed its inflation-adjusted peak reached in 1980. Persistent trade and geopolitical uncertainties, along with concerted purchases from central banks and inflows to exchange-traded funds, have added to the momentum. Goldman Sachs Group Inc. has forecast bullion could approach $5,000 an ounce if just 1% of privately-held Treasuries shift to the precious metal.

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