U.S. stock futures point higher, with markets focused on the trajectory of President Donald Trump’s tariff policy. The White House steps up probes into pharmaceutical and semiconductor imports, in a sign that the Trump administration could be eyeing tariffs on the sectors. Bank of America and Citigroup (NYSE:C) are due to be the latest lenders to report their quarterly earnings, while LVMH’s revenue disappoints expectations.

1. Futures tick up

U.S. stock futures edged higher on Tuesday, as investors assessed Trump’s tariff plans and awaited a raft of corporate earnings.

By 03:41 ET (07:41 GMT), the Dow futures contract had risen by 79 points, or 0.2%, S&P 500 futures had added 15 points, or 0.3%, and Nasdaq 100 futures had ticked up by 73 points, or 0.4%.

The main averages on Wall Street rose in the prior session, underpinned by the White House’s pause on reciprocal levies on a slew of tech-related products and comments from Trump that he was also considering some tariff relief for the auto industry.

Sentiment was bolstered by a Federal Reserve Bank of New York survey showing that medium- and long-term expectations for price increases were flat-to-down -- although near-term estimates rose.

Meanwhile, Fed Christopher Waller argued that the inflationary impact of the duties may be transitory as well. Still, he flagged caution around the growth outlook due to the trade taxes, saying they amount to “one of the biggest shocks to affect the U.S. economy in many decades.”

U.S. Treasuries gained, with yields -- which tend to move inversely to prices -- declining by between 7-15 basis points across the curve. A steep sell-off last week in the U.S. bond market, a key component of the plumbing of the global financial system, appeared to be one motive behind Trump’s decision to temporarily halt most of his elevated tariffs on most countries for 90 days.