Dow Futures Decline Following Powell’s Testimony: Tesla, FedEx, Micron, General Mills Among Stocks In Focus

U.S. stocks appear set to open on a weak note on Wednesday as Federal Reserve Chair Jerome Powell testimony and President Donald Trump’s assessment of the impact of strikes on Iran kept investors on the edge.

During a testimony before the House Committee on Financial Services, Powell said the Fed is “well positioned to wait” as far as interest rate cuts are concerned.

“The effects on inflation could be short lived – reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent,” he added, in a clear sign that the Fed is continuing with its wait-and-watch approach.

Meanwhile, President Trump maintained that the Iran strikes resulted in the “obliteration” of the country’s nuclear program, despite an “inconclusive” intelligence report.

While Dow Jones futures edged lower by 0.05% at the time of writing, the S&P 500 futures were up 0.08%, and the tech-heavy Nasdaq 100’s futures gained 0.25%. Futures of the Russell 2000 index fell 0.17%.

Meanwhile, the SPDR S&P 500 ETF Trust (SPY) gained 0.2%, while Invesco QQQ Trust (QQQ) was up 0.36% on Wednesday morning.

Bitcoin (BTC) rallied 1.8% in the past 24 hours.

Asian markets ended Wednesday’s trading session on a positive note, with the Hang Seng leading with gains of 1.22%, followed by the TWSE Capitalization Weighted Stock index at 1.08%, and the Shanghai Composite at 1.02%.

The Nikkei 225 index rose 0.39%, while KOSPI closed 0.15% higher.

Stocks To Watch

• Tesla Inc. (TSLA): Tesla’s struggles in Europe continued to mount, as the Elon Musk-led EV giant’s new car registrations fell 40% in May, according to data from an EU industry body.
• FedEx Corp. (FDX): FedEx reported that it expects President Trump’s tariffs could result in a $170 million hit as demand for shipments to the U.S. from China decline, and a $400 million hit due to expiration of its U.S. Postal Service contract.
• BlackBerry Ltd. (BB): BlackBerry’s first-quarter results surpassed Wall Street expectations, and the company raised its fiscal year 2026 revenue guidance.
• General Mills Inc. (GIS): General Mills shares fell over 3% in Wednesday’s pre-market trading session after the company’s fourth-quarter revenue came in slightly below estimates. 
• Micron Technology Inc. (MU): Micron is set to report its third-quarter results on Wednesday after the bell.

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Also See: Mark Rutte Says US Has ‘Total Commitment’ To NATO – Backs Trump’s Play To Increase Defense Spending