US Equity Futures Slip as Trump Announces $8 Billion Farm Fuel Aid

US equity futures edged lower Tuesday as President Donald Trump unveiled an $8 billion plan to help American farmers offset soaring diesel costs. Dow Jones Industrial Average futures fell 0.1%, S&P 500 futures dropped 0.3%, and Nasdaq futures declined 0.8% in pre-bell trading.

Trump announced that the US Department of Agriculture will launch a "harvest fuel relief program" providing $8 billion in support to farmers during the harvest season. The president made the announcement during a midterm election campaign in Kansas, according to multiple media reports.

Oil prices rose during the session, with front-month North Sea Brent crude up 0.7% to $110.27 per barrel. US West Texas Intermediate crude increased 0.8% to $99.34 per barrel.

Economic data released Tuesday showed September housing starts dropped to a 1.221 million annual rate from 1.288 million in the previous month, missing Bloomberg survey expectations for a 1.305 million rate. Pending home sales for September are expected to fall 0.5% after a 0.3% gain in the prior month.

Corporate earnings dominated the pre-market narrative, with GE Aerospace and RTX posting higher third-quarter adjusted earnings and revenue. Despite the positive results, GE Aerospace shares fell 3.9% following its report. Netflix is scheduled to release its third-quarter earnings after the market closes, with analysts polled by FactSet forecasting earnings of $0.82 per share on revenue of $12.87 billion.

Global markets reflected a mixed tone, with Japan's Nikkei closing 1.3% lower and Hong Kong's Hang Seng ending 0.3% lower. China's Shanghai Composite finished 0.1% higher, while Europe's FTSE 100 and Germany's DAX index were down 0.8% and 0.9%, respectively, in early afternoon trading.

The semiconductor sector experienced a broader decline, dragging down major players. Micron Technology shares dropped 2.2%, AMD stock fell 2%, and Intel shares declined 1.7%. In contrast, Walmart shares rose 1.6% after the retailer announced a new membership plan combining Walmart+ and Sam's Club Plus for $120 annually.

AstraZeneca stock climbed 1.5% following an announcement that the pharmaceutical company will partner with Oracle to combine clinical and regulatory expertise with cloud, data, and AI-enabled skills to advance clinical trial optimization.