Futures higher as megacaps, chip stocks rise ahead of Powell comments

- U.S. stock index futures rose on Tuesday, with megacap technology and semiconductor stocks set to prolong Monday's rally as investors waited to hear testimony from Federal Reserve chair Jerome Powell for clues on the monetary policy path.

Intel shares leapt 3.8% in premarket trading on Tuesday after gaining over 6% in the previous session, while AI-chip favorite Nvidia rose 1.1% and Marvell Technology was up 1.0%.Investors will scrutinize Powell's Congressional testimony later in the day to gauge how the central bank is assessing recent economic data that points to a slowdown in the labor market, amid other signs of potential economic weakness.

"The market is continuing on a bull run and, with the prospects of rate cuts, I believe may continue for a while," said WisdomTree senior economist Jeremy Siegel.Crucial inflation data is also due this week. Thursday's consumer price index and Friday's release of the producer price index will provide insight into whether inflationary pressures in the world's largest economy are easing.

Among single movers, shares of Tempus AI rose 3.9% after J.P.Morgan initiated coverage of the stock with an overweight rating. AI is effectively ‘useless’—and it’s created a ‘fake it till you make it’ bubble that could end in disaster, veteran market watcher warns

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Stock market today: S&P 500 futures hold near record with June jobs data on deckInvestors are looking to the June jobs report for signs of more softening in the labor market that could lay the ground for rate cuts.
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Stock market today: US futures tread water after S&P 500's record closeInvestors looked to fresh economic data for pointers on rate cuts as they got set for the July 4th closure.
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