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Futures down: S&P 500 0.26%, Nasdaq 100 0.34%, Dow 0.12%

July 1 (Reuters) - U.S. stock futures dipped on Tuesday,

following a record run for Wall Street indexes, as investors

monitored U.S. trade talks and a Senate voting marathon over

President Donald Trump's tax and spending bill.

The S&P 500 and the Nasdaq Composite reached

record closing highs on Monday, capping their best quarter in

over a year as hopes for more trade deals and possible rate cuts

supported sentiment.

U.S. senators were still voting on Tuesday on a potentially

long list of amendments to Trump's bill that is expected to

bring a $3.3 trillion hit to the nation's debt pile, fueling

uncertainty among investors.

Meanwhile, Trump expressed frustration with U.S.-Japan trade

negotiations and Treasury Secretary Scott Bessent warned that

countries could be notified of sharply higher tariffs as a July

9 deadline approaches despite good-faith negotiations.

Tesla's shares dropped 4.7% premarket after a fresh

spat between CEO Elon Musk and Trump over the tax bill, with the

president urging the government efficiency department to review

the subsidies that Musk's companies have received.

Tesla also reported a sales drop for a sixth straight month

in Sweden and Denmark in June.

By 5:51 a.m. ET (0955 GMT), S&P 500 e-minis were

down 16.25 points, or 0.26%, Nasdaq 100 e-minis dropped

77.75 points, or 0.34%, and Dow e-minis slipped 55

points, or 0.12%.

The S&P 500 and Nasdaq's rise to record highs marked a

stunning recovery in sentiment that was hammered by Trump's

chaotic trade policies and geopolitical tensions, with investors

betting on AI enthusiasm and earnings momentum to keep the bull

run going.

The blue-chip Dow on Monday closed 2.2% below its all-time

high touched in December.

S&P Global and ISM's June manufacturing activity surveys,

May job openings data as well as Fed Chair Jerome Powell's

comments at a European Central Bank forum later in the day will

be parsed for hints on U.S. monetary policy outlook.

Soft economic data in recent weeks and expectations of Trump

picking a dovish central bank head have supported bets of

interest rate cuts from the Fed this year and next.

Ahead of Thursday's crucial payrolls data, money markets

were pricing in 68 basis points of rate cuts by the end of 2025

and about 135 bps of cuts by October next year, per LSEG data.

Among other stocks, stablecoin firm Circle rose

2.1% on news it was applying to create a national trust bank in

the U.S.