07:33 AM EDT, 07/22/2025 (MT Newswires) -- US equity futures were trending downwards on Tuesday as traders await the latest batch of corporate earnings and remarks from Federal Reserve Chair Jerome Powell.

The S&P 500 edged down 0.1% and the Nasdaq was off 0.2% in premarket activity, while the Dow Jones Industrial Average slipped 0.3%. The Nasdaq and the S&P 500 hit fresh highs in the previous trading session, while the Dow ended nearly flat.

Several major companies are scheduled to release their latest financial results early Tuesday, including Coca-Cola (KO), Philip Morris International ( PM ) , RTX (RTX), Danaher ( DHR ) , Lockheed Martin ( LMT ) , Sherwin-Williams ( SHW ) , General Motors ( GM ) and D.R. Horton ( DHI ) . Texas Instruments ( TXN ) and Intuitive Surgical ( ISRG ) are expected to post earnings after the markets close.

Tech giants Alphabet (GOOG, GOOGL) and Tesla (TSLA) are set to release their results on Wednesday.

Some 12% of S&P 500 companies have logged quarterly results in the latest reporting cycle, with earnings up nearly 11% year over year on sales growth of 5.3%, Oppenheimer said in a Monday client note. "Early reports have modestly exceeded estimates, and we believe that investor sentiment is set for an expectation that S&P 500 earnings growth will come in well-above the (June 30 4.8%) consensus estimate," D.A. Davidson said in a separate note.

Powell is slated to speak at 8:30 am ET, while Fed Vice Chair for Supervision Michelle Bowman's remarks are due at 1 pm.

Investors are likely to assess both Fed officials' speeches for clues on future monetary policy, with Bowman indicating in June that she would support lowering interest rates as soon as this month. Powell told US lawmakers last month that the Fed can continue to wait and evaluate how the US economy responds to policy changes before it adjusts its monetary policy.

President Donald Trump has consistently called for the central bank to lower rates. Last week, Trump denied reports that he was planning to remove Powell from his position.

US Treasury yields were moving up in premarket action, with the two-year rate rising 1.1 basis points to 3.86% and the 10-year rate increasing 1.8 basis points to 4.39%.

Tuesday's thin economic calendar has the Richmond Fed manufacturing index for July at 10 am.

NXP Semiconductors' ( NXPI ) US-listed shares fell 5.8% pre-bell after the Dutch chipmaker posted its latest quarterly results late Monday. AstraZeneca's ( AZN ) US-listed shares inched up 0.6% as the British drugmaker announced plans to invest $50 billion in the US by 2030, including the development of a new drug substance manufacturing facility in Virginia.

West Texas Intermediate crude oil declined nearly 1% to $66.54 a barrel before the opening bell. Gold decreased 0.3% to $3,397 per troy ounce, while bitcoin gained 1.3% to $118,472.