US stock futures wavered after another record-setting day on Wall Street.

Futures attached to the Dow Jones Industrial Average (YM=F), the benchmark S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all fluttered around the baseline.

On Monday, stocks jumped, clinching their third straight day of record closes. The tech-heavy Nasdaq Composite (^IXIC) led gains after Nvidia (NVDA) stock soared on news the company would invest roughly $100 billion in OpenAI. Oracle (ORCL) also rose once the White House confirmed the company's role in a TikTok deal, and Tesla (TSLA) secured a new 2025 closing high.

In after-hours trading, shares of Kenvue (KVUE), the maker of Tylenol, rebounded following an intraday drop as President Trump held an event with Health Secretary Robert F. Kennedy Jr. on autism and taking the pain medication during pregnancy.

Meanwhile, Disney (DIS) announced the return of "Jimmy Kimmel Live" to its ABC network. The show was suspended six days ago after the chair of the Federal Communications Commission threatened the company over comments the host made about Charlie Kirk's killing.

On Tuesday, Fed Chair Jerome Powell is scheduled to deliver a speech on monetary policy, and Micron Technology (MU) is set to report earnings.

The main event for Wall Street this week lands Friday with the release of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures index. Wall Street will be looking for signs that inflation isn't rising too quickly, which could threaten expectations of two more rate cuts this year.

Gold (GC=F) hit a new record high as traders were unfazed by comments from Fed officials about forthcoming monetary policy.

Bloomberg reports:

Bullion edged up to hit $3,749.27 on ounce in Asia on Tuesday, following gains in the previous two sessions which included record highs. Investors have piled into exchange-traded funds — with holdings expanding at the fastest pace in more than three years on Friday — following a brief dip in prices last week as Fed Chair Jerome Powell curbed expectations for rapid easing, after the central bank reduced rates on Wednesday. Lower rates benefit typically benefit non-interest bearing precious metals.

“After pulling back the day after the Fed’s 25 basis-point rate cut — potentially on some perceived caution in Powell’s FOMC comments — new upward momentum has taken root with ETF inflows still the driving force,” BMO Capital Markets analysts including Helen Amos and George Heppel said in a note late Monday. “With a rate-cutting cycle firmly on the table we think risk-reward remains positive for prices into” the fourth quarter.

Powell is due to give a highly anticipated speech on the economic outlook later on Tuesday, after the quarterly rate forecasts that accompanied last week’s rate decision — known as the dot plot — showed a wide dispersion of views. Meanwhile, several Fed officials on Monday reiterated the need for taking a cautious approach to rate decisions moving forward, including St. Louis Fed President Alberto Musalem who said that he sees limited room for more reductions amid elevated price pressures.

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