US equity futures are fractionally lower after yesterday’s rally pushed the S&P 500 and Nasdaq to fresh record closes. Europe opened firmer and Asia finished mixed. Overnight narrative was largely upbeat, growing Fed rate cut expectations have provided the key directional driver, partly fueled by Trump scrutiny of Powell. Trade headlines remain front-and-center ahead of the 9—July tariff deadline: the White House says framework agreements with Canada and the EU are moving forward, while Japan and India talks still face sticking points over autos and market access. Senate Republicans continue amendment votes on the wide-ranging tax-and-spend bill, with final passage expected before the holiday. Soft US regional-activity surveys and falling job-vacancy indicators are feeding rate-cut expectations ahead of Thursday’s non-farm payrolls and Chair Powell’s remarks at Sintra this morning.

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