U.S. stock futures are mostly quiet, with traders digesting a slew of tariff news this week and gearing up for minutes from the Federal Reserve’s June policy meeting. President Donald Trump insists that his new tariff deadline will not be altered, while hinting at broadening his trade agenda to include a 50% tariff on copper. Meanwhile, White House economic adviser Kevin Hassett is reportedly a major contender to be Trump’s pick to replace current Fed Chair Jerome Powell.

1. Futures muted

U.S. stock futures were muted on Wednesday as investors assessed tariff comments from Trump and looked ahead to the release of minutes from the Federal Reserve’s latest meeting.

By 03:31 ET (07:31 GMT), the Dow futures contract were broadly unchanged, S&P 500 futures had dropped by 3 points, or 0.1%, and Nasdaq 100 futures had edged down by 14 points, or 0.1%.

The main averages on Wall Street were mixed at the end of trading on Tuesday, with sentiment broadly steady despite a flurry of trade-related headlines. Trump sent out letters to a slew of countries detailing the elevated levies they now face, but markets took heart from the White House’s decision to extend the deadline for these duties to kick in to August 1. The tariffs were previously set to come into effect today.

“Market participants have largely shrugged off President Trump’s latest set of threats to raise tariffs on a range of countries, focusing on the fact that today’s ;deadline’ for re-imposing the “reciprocal tariffs” from 2nd April has, as widely expected, been extended,” said Jonas Goltermann, Deputy Chief Markets Economist at Capital Economics, in a note.

2. Trump says copper tariffs incoming

Still, Trump insisted at a cabinet meeting on Tuesday that the new deadline will not be pushed back any further, after stating earlier this week that it was “not 100% firm.” He added that negotiations are going well with the European Union and China, but flagged that the EU is days away from receiving its own tariff letter.

The president also raised the prospect of a 50% tariff on imported copper, in the latest sign that his aggressive trade agenda involves not just countries, but specific sectors as well. Copper is a particularly crucial metal who uses apply to vehicle production, military hardware, power grid infrastructure and more.

Other levies on everything from pharmaceuticals to semiconductors could soon be unveiled, Trump suggested.

Meanwhile, Treasury Secretary Scott Bessent claimed that Trump’s levies have raked in $100 billion in income for the U.S. this year and predicted that the number could climb to $300 billion by the end of December. Bessent flagged that the major collections began in the second quarter, when Trump instituted a baseline 10% duty and lifted tariffs on items like steel, aluminum and autos.

Analysts have noted that tariff revenues have become key for the White House, as the funds could help offset the cost of a multi-trillion-dollar tax-cuts and spending package which Trump signed into law last week.

3. FOMC minutes ahead

Traders are now keeping tabs on the upcoming publication of the minutes from the Fed’s June meeting, as they hunt for possible insights into how the central bank sees interest rates evolving in the coming months.

Policymakers left borrowing costs unchanged at a target range of 4.25% to 4.5% at the gathering, citing the prudence of a wait-and-see approach to future decisions as the impact of Trump’s tariffs becomes clearer.

At recent events, Fed Chair Jerome Powell has reiterated the argument for this cautious stance, but indicated that officials would probably have already been cutting rates if not for the uncertainty around the tariffs.

Investors have largely stuck to bets that the Fed will slash rates twice before the end of 2025, with the first expected to come in September, potentially followed by another in December.

But the trajectory remains murky, especially as Powell faces intensifying pressure from Trump to quickly reduce rates. Trump again hit out at the Fed leader on Tuesday, calling him "terrible" and urging him to resign so he can appoint a new chair who will lower borrowing costs.

4. Hassett among top contenders to become next Fed Chair - WSJ

White House economic adviser Kevin Hassett is emerging as a “serious contender” to replace Powell as the next Fed Chair, the Wall Street Journal reported on Tuesday.

Hassett is one of Trump’s closest economic advisers, and is now seen as a preferred pick over earlier favorite Kevin Warsh, a former Fed governor, the WSJ reported.

Hassett met Trump over the Fed job at least twice in June, the WSJ report said, citing people familiar with the matter.

The WSJ report comes amid speculation that Trump could expedite his selection of Powell’s successor, possibly unveiling the decision later this year. Trump had appointed Powell to the post in 2017.

5. Oil subdued

Crude prices hovered around the flatline after industry data showed a sharp increase in U.S. crude inventories amid concerns tariffs could curb demand for oil.

At 03:30 ET, Brent futures had inched up by 0.1% to $70.19 a barrel and U.S. West Texas Intermediate crude futures were mostly unchanged at $68.36 a barrel.

Both contracts climbed to a two-week high on Tuesday, driven by supply disruption concerns which stemmed from fresh Houthi attacks on Red Sea shipping lanes.

The American Petroleum Institute reported during the previous session a sharp, unexpected rise in U.S. crude oil inventories for the week ending on July 4, with a build of 7.1 million barrels, far exceeding the forecast 2.8 million‑barrel draw.

Market watchers now await confirmation from the Energy Information Administration report, due later in the day, especially as the Independence Day holiday weekend usually sees strong travel demand.