U.S. stock futures are slightly higher ahead of the Wall Street open as traders assessed increased rhetoric on tariffs, with President Donald Trump threatening more charges on copper and pharmaceuticals.

Yesterday, Trump said in a Truth Social post that there would be no change or extensions on the raft of duties he announced on 14 nations, which include Japan and South Korea. The new tariff rates range from 25% to 40% and are set to begin on Aug. 1.

On Tuesday, Trump announced tariffs of 50% on Copper imports and stated they may impose up to 200% levies on pharmaceuticals imported into the U.S. Along with the ramp in Tariff rhetoric, investors will focus on the FOMC minutes this afternoon.

• Oil (/CL) – Oil prices are up 0.2% near $68.50 a barrel, maintaining their highest levels since June 23, lifted by attacks on shipping in the Red Sea, along with concerns over steep U.S. tariffs on copper and a forecast for lower U.S. oil production.

• Gold (/GC) – Gold prices are down 0.7% near $3300 and hovered near their lowest point in more than one week, under pressure from a stronger U.S. dollar and rising Treasury yields, as fresh tariff threats from U.S. President Donald Trump unsettled markets. Copper (/HG) is hitting all-time highs on the back of 50% tariffs announced yesterday. 

• Bitcoin (/BTC) – The Crypto Future is relatively flat near 109K in the premarket.

• VIX – The CBOE Volatility Index fell 5.5% on Tuesday and settled at 16.81 as stocks were mixed.

• U.S. Dollar (/DX) – The dollar is up slightly around 97.3.

• Oppenheimer upgrades Microsoft (MSFT) to Outperform from Perform

• Melius Research upgrades Caterpillar (CAT) to Buy from Hold

• BNP Paribas Exane double upgrades J.M. Smucker (SJM) to Outperform from Underperform

• KeyBanc downgrades T-Mobile U.S. (TMUS) to Underweight from Sector Weight

• Redburn downgrades Monster Beverage (MNST) to Neutral from Buy

• Citi downgrades Wynn Resorts (WYNN) to Neutral from Buy

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