Good morning. It's Tuesday, August 26th. I'm Rena Sherbal filling in again for Julie Morgan.

Our top stories today. Trump fires Fed Governor Cook, threatens more tariffs, and asset on Fed Chair nominee pick.

Stock Index futures fell on Tuesday as President Donald Trump fired Federal Reserve Governor Lisa

Cook on Monday amid mortgage fraud allegations.

SMP 500 futures, NASDAQ 100 futures, and Dow futures were all down.

The 10-year treasury yield rose two basis points to 4.3%.

The two-year treasury yield fell two basis points to 3.7%.

Cook's firing comes amid talks about the Fed's independence,

especially under the Trump administration.

In a letter posted on his truth social platform, Trump said that he is firing Cook because of

allegations that she committed mortgage fraud. Deutsche Bank's Peter Siderov said, were Cook's

dismissal to hold, it would open up another seat for Trump to fill on the seven-person

federal reserve board. This would increase the prospects of a dovish majority on the board. UBS's

Paul Donovan said, Trump issued a letter purporting to fire Cook, an unprecedented action. After

recent comments, investors will inevitably view this as an assault

on Fed independence. Donovan added, while most U.S. voters have only a hazy understanding of what the

Fed is, it is a convenient scapegoat for economic weakness. Challenging Fed independence

will have negative economic consequences.

Wall Street finished lower on Monday, retreating after a mostly mixed session.

The pullback followed Friday's strong rally, which had lifted the Dow to a record close after Fed Chair Jerome Powell's remarks at Jackson Hole.

On the economic calendar for the day, the July

durable goods orders will land before the opening bell. It's expected to show a decrease of 4%

...