07:54 AM EDT, 09/03/2025 (MT Newswires) -- US equity futures were mostly trending higher on Wednesday amid media reports that President Donald Trump is seeking an immediate hearing with the Supreme Court on his reciprocal tariffs.

The S&P 500 rose 0.5% and the Nasdaq gained 0.7% in premarket activity, while the Dow Jones Industrial Average was slightly in the red. The indexes finished Tuesday lower for the second consecutive trading session.

Trump reportedly said Tuesday that his administration will file an appeal with the Supreme Court today in hopes of overturning the US Court of Appeals for the Federal Circuit's ruling last week that most of his tariffs are illegal.

"It's an economic emergency," Trump reportedly said on CNN commentator Scott Jennings' radio show. "If we don't win that decision, you'll see a reverberation like maybe you've never seen before."

In May, the US Court of International Trade ruled that the International Emergency Economic Powers Act, or IEEPA, which Trump invoked to implement tariffs in April, does not authorize him to impose universal duties on imports. Treasury Secretary Scott Bessent told Reuters earlier in the week that he was confident the Supreme Court would uphold Trump's use of that law to impose tariffs, although the White House has a backup plan if it doesn't.

The two-year Treasury yield remained unchanged at 3.66% in premarket action, while the 10-year rate inclined 0.8 basis points to 4.29%.

Trump also reportedly said he isn't considering lowering tariffs on India, after recently hiking them to 50% in response to the country's continued purchasing of sanctioned Russian oil. Trump criticized the trade and tariff relationship between the US and India earlier in the week, saying it has been "totally one sided" for "many decades."

Alphabet (GOOG, GOOGL) class A and C shares jumped 5.8% and 6.1%, respectively, pre-bell after a federal court judge ruled that the technology giant's Google ( GOOG ) will not be required to divest its Chrome web browser over competition concerns.

"The outcome is broadly favorable for Google ( GOOG ), in our view, with the court ruling against the most severe remedy proposals introduced by the (Department of Justice)," Wedbush Securities said in a Tuesday client note.

The court also ruled that Google ( GOOG ) will be allowed to continue to make preload product payments to its distribution partners. This decision means the company's $20 billion search deal with Apple ( AAPL ) "will remain and not be barred in its current form," Wedbush Securities said. Apple ( AAPL ) shares advanced 3.4% early Wednesday.

Zscaler ( ZS ) increased 2.6% after the cloud security company reported better-than-expected fiscal fourth-quarter results.

Dollar Tree ( DLTR ) , Campbell's (CPB), Macy's (M) and Polestar Automotive (PSNY) are scheduled to report their latest financial results before the bell, among others. Salesforce ( CRM ) , Hewlett Packard Enterprise ( HPE ) and GitLab ( GTLB ) release their earnings after the markets close.

On Wednesday's economic calendar, the weekly mortgage applications bulletin is out at 7 am ET, followed by the Job Openings and Labor Turnover Survey for July at 10 am. The Federal Reserve's Beige Book, a compilation of economic and business reports from the 12 regional Fed branches, is due at 2 pm.

St. Louis Fed President Alberto Musalem is slated to speak at 9 am, while Minneapolis Fed President Neel Kashkari speaks at 1:30 pm.

On Tuesday, the Institute for Supply Management's US manufacturing purchasing managers' index improved to 48.7 last month from 48 in July, but marked a sixth straight contraction. S&P Global (SPGI) said its manufacturing PMI rose to 53 in August from 49.8 the month prior, marking the "strongest improvement in operating conditions" since May 2022.

West Texas Intermediate crude oil dropped 2.1% to $64.22 a barrel before the opening bell.

Gold edged up 0.3% to $3,604 per troy ounce, while bitcoin rose 0.7% to $111,390.