US stock futures held steady on Tuesday after another record-setting day, as Wall Street waited for the first speech from Chair Jerome Powell since the Federal Reserve started cutting interest rates again.

Dow Jones Industrial Average futures (YM=F) nudged up 0.1%. Meanwhile, contracts on the S&P 500 (ES=F) and the tech-heavy Nasdaq 100 (NQ=F) both hovered near the flat line.

Stocks jumped on Monday to clinch a third straight day of record-high closes, lifted by optimism that the AI trade and further Fed policy easing will continue to fuel the rally.

On the Fed-watching side, Powell is scheduled to deliver a speech on monetary policy later Tuesday, in high focus after policymakers last week lowered rates for the first time in 2025.

His comments will set the stage for the release on Friday of the Fed's preferred inflation gauge, the Personal Consumption Expenditures index. Wall Street will look for signs that already sticky inflation isn't heating up, which could dent high expectations for two more rate reductions this year.

On the tech side, the Nasdaq (^IXIC) led gains after Nvidia (NVDA) stock soared on news the AI chipmaker plans to invest roughly $100 billion in OpenAI (OPAI.PVT). Meanwhile, Oracle (ORCL) shares rose as the White House confirmed its proposed role in a TikTok deal.

The spotlight is now on Micron Technology's (MU) quarterly earnings due after the bell. The chipmaker's results will be watched for updates on AI-driven demand and revenue guidance, with analysts expecting an almost 40% jump in sales.

Economic data: Philadelphia Fed non-manufacturing index (September); S&P Global US manufacturing PMI (September preliminary reading); S&P Global US services PMI (September preliminary reading); S&P Global US composite PMI (September preliminary reading)

Earnings calendar: Micron Technology (MU), AutoZone (AZO), THOR Industries (THO)

Here are some of the biggest stories you may have missed overnight and early this morning:

It's not just 2025 optimism lifting the stock market

US, China close to 'huge' Boeing order

China buys Argentina soybeans, leaving US farmers sidelined

Kenvue stock bounces as Trump's Tylenol claims draw pushback

Nvidia's $100 billion OpenAI play raises big antitrust issues

Crypto traders bet on more volatility after $1.5 billion wipeout

Some PepsiCo investors wary of Elliott plan to spin out bottling

China floods the world with cheap exports after tariffs

An $800 billion revenue shortfall looms over AI

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

Kenvue Inc (KVUE) stock rebounded and rose 5% in premarket trading on Tuesday after President Trump linked its popular pain medication Tylenol to autism risk during pregnancy.

Boeing (BA) stock rose 2% in premarket trading following news that the US and China were close to finalizing a deal for 500 aircrafts that some say could be the \\"centerpiece of a trade agreement.\\"

Micron Technology, Inc. (MU) stock rose 1% before the bell on Tuesday. The company will report its fourth-quarter earnings on Tuesday afternoon and Wall Street analysts are expecting continued strength and growing demand.

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.

Read more here.