New home sales for April and business surveys from the Chicago and Richmond Feds are due later. Zoom stock was up 6.4% in premarket.ДЇederal Reserve chair Jerome Powell will speak at 12:20 PM ET, a day after two senior colleagues dropped the first hints of a moderation in the planned pace of monetary policy tightening.ДЄtlanta Fed President Raphael Bostic had said on Monday that the Fed may be able to afford a pause in rate hikes after two more increases of half a point each, while Kansas CityвЂ™s Esther George suggested a pause could be possible when the Fed funds target range reaches 2% (up from 0.75%-1% now). Other stocks likely to be in focus later include Zoom Video (NASDAQ: ZM), which reported better profits but its slowest growth ever in the latest three months. Snap, which is still quoted down 29%, is putting pressure on other social media and advertising-themed stocks such as Meta (NASDAQ: FB) and Twitter (NYSE: TWTR) in premarket. The respective news from JPMorgan and Snap put value stocks back firmly in outperformance mode, while growth stocks are struggling again.Д«y 6:20 AM ET, Dow futures were down a relatively modest 210 points, or 0.7%, while S&P 500 futures were down 1.1% and Nasdaq 100 futures were down 1.7%. stocks are set to open lower later, giving back around half of what they gained in MondayвЂ™s bounce. Stocks set to open lower social media under pressure but Zoom set to bounce The measures, which include over $20 billion of tax cuts and rebates, may stimulate economic activity at the margins, but are unlikely to outweigh the effect of lengthy wholesale shutdowns of activity for cities such as Shanghai and Beijing, if the country sticks вЂ“ as indicated вЂ“ to its Zero-COVID policy.ДЇoreign investor sentiment toward China also faces a new headwind in the disclosure by German magazine Der Spiegel of conditions in the region of Xinjiang, documenting what it calls major human rights abuses toward the mainly Muslim Uighur population.ДЈ. Risk sentiment was also hurt overnight by a gloomier reassessment of the fiscal stimulus package adopted by the Chinese cabinet late on Monday. China sentiment hit as stimulus plan is reappraised Uighur news also weighs JPMorgan stock rose over 6% in response, but gave back just under 1% in premarket trading Tuesday.Дў. economy, something that will bolster its core lending business. The news came only hours after an upbeat outlook from JPMorgan (NYSE: JPM) CEO Jamie Dimon had reassured investors of the ongoing underlying strength of demand in the U.S. Snap (NYSE: SNAP) stock fell over 30% in response. Various reports also cited an internal memo from CEO Evan Spiegel saying that the company will slow hiring and defer some expansion plans to next year, as well as looking for increased cost savings this year. The Snapchat parent said conditions had worsened вЂњfurther and fasterвЂќ than it expected when it put out a disappointing earnings statement last month. Here's what you need to know in financial markets on Tuesday, 24th May.ДЄ profit warning from Snap quickly put an end to MondayвЂ™s relief rally after the closing bell, putting global markets back into risk-off mode And the American Petroleum Institute's stockpiles data will show how far, if at all, Americans are cutting down on driving due to high gas prices. The dollar drops as Christine Lagarde keeps a 50 basis point hike in July on the table for the ECB. Federal Reserve Chair Jerome Powell is due to speak amid signs that some are thinking already of when the Fed can afford to 'pause' rate hikes. Pandemic winner Zoom Video reports a big improvement in profitability. Chinese markets don't like the government's stimulus plans after taking a second look at them.

Snap snaps the relief rally with a profit warning that sends chills through social media stocks.

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