Stock Market Today: S&P 500, Dow Jones Futures Tumble As US Allies Reject Trump's Call To Deploy Navy At Hormuz

U.S. stock futures tumbled on Tuesday following Monday’s advances. Futures of the major benchmark indices were lower.<br /><br />President Donald Trump said on Tuesday that the mortgage levels have reached the "lowest level in five years, adding that the "cost of new mortgage is down by $5000,” after he signed an executive order aimed at deregulating the U.S. mortgage market last week.<br /><br />Meanwhile, on Monday, countries like Germany, Spain, and Italy rejected President Trump‘s call to deploy naval forces to open the Strait of Hormuz, citing a lack of authorization from the United Nations and NATO. <br /><br />Meanwhile, the 10-year Treasury bond yielded 4.23%, and the two-year bond was at 3.68%. The CME Group's FedWatch tool‘s projections show markets pricing a 99.1% likelihood of the Federal Reserve leaving the current interest rates unchanged in March.<br /><br />The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Tuesday. The SPY was down 0.35% at $666.68, while the QQQ declined 0.48% to $597.50.