5 Things to Know Before the Stock Market Opens

U.S. stock futures are pointing slightly lower as President Donald Trump ramps up pressure on the Federal Reserve by firing Gov. Lisa Cook amid mortgage fraud allegations; Trump threatens a 200% tariff on China if Beijing restricts magnet exports to the U.S.; EchoStar (SATS) stock is soaring in premarket trading after the DISH TV and Boost Mobile parent sells wireless spectrum to AT&T (T) for $23 billion in an effort to resolve FCC concerns; and Interactive Brokers Group (IBKR) shares are moving higher after it was announced that it would replace Walgreens Boots Alliance (WBA) on the S&P 500 on Thursday. Here’s what investors need to know today.

1. US Stock Futures Edge Lower Amid Trump Pressure on Federal Reserve

U.S. stock futures are pointing slightly lower after President Donald Trump threatened to fire a Federal Reserve official and raised new tariff threats against China. Dow Jones Industrial Average futures are lower by 0.1% after the blue-chip index shed 0.8% Monday. S&P 500 and Nasdaq futures are similarly lower after both indexes also closed lower yesterday. Bitcoin (BTCUSD) is falling to trade at just over $110,000. The yield on the 10-year Treasury note is slightly higher at 4.3%. Oil futures are lower by nearly 2%. Gold futures are little changed.

2. Trump Removes Lisa Cook From Fed Board

President Trump on Monday night said he had removed Federal Reserve Governor Lisa Cook from her position “effective immediately,” intensifying his pressure campaign against the central bank. In a letter posted on his Truth Social network, Trump repeated allegations of mortgage fraud against Cook that had been leveled earlier this month by his administration, arguing it gave him cause to fire her before her term expires in 2038. Trump has been leaning on the Fed to lower interest rates, and the removal of Cook would provide an opportunity to appoint a loyalist on the rate-setting Federal Open Market Committee.

3. Trump Warns of 200% Tariff on China if Beijing Curbs Magnet Exports

President Trump warned Monday night that he would impose a 200% tariff on China if Beijing restricts exports of rare-earth magnets to the U.S. Speaking to reporters after at the White House, Trump said, “They have to give us magnets. If they don’t give us magnets, then we have to charge them [a] 200% tariff or something.” Earlier this month, the U.S. extended to November its trade truce with China, which has seen Beijing ease export curbs placed on rare-earth minerals and Washington reduce restrictions on the sale of U.S.-made semiconductors.

4. EchoStar Stock Soars on $23B Spectrum Sale to AT&T Amid FCC Review

Shares of EchoStar (SATS) are soaring roughly 60% in premarket trading after the DISH TV and Boost Mobile parent struck a $23 billion deal to sell spectrum to AT&T (T) and announced a hybrid mobile network operator (MNO) relationship. The move comes as the Federal Communications Commission (FCC) is investigating EchoStar over whether it is meeting its obligations for spectrum licenses, and the firm said that this deal is part of an effort to meet those obligations. EchoStar Chairman Charlie Ergen reportedly met with President Trump regarding the issue. Shares of AT&T are up less than 1%.

5. Interactive Brokers Stock Gains on News of S&P 500 Inclusion

Shares of Interactive Brokers Group (IBKR) are rising 4% in premarket trading after the electronic brokerage firm was selected to replace Walgreens Boots Alliance (WBA) in the S&P 500 this Thursday. The drugstore chain agreed in March to be taken private in a $10 billion deal with private-equity firm Sycamore Partners, and its last day trading on the Nasdaq will be Wednesday, according to an update posted by the stock exchange. Interactive Broker shares are more than 40% higher this year.