US stock futures edge higher as markets wait for the Fed? meanwhile, tokenized futures keep moving faster than Wall Street

U.S. stock futures posted a mild rise on Tuesday as investors absorbed weak manufacturing data, growing expectations of a Fed rate cut, and renewed speculation about who could replace Jerome Powell once his term ends.

Early session details:
• Dow futures: +0.2%
• S&P 500 futures: +0.3%
• Nasdaq 100 futures: +0.4%

Sentiment remains cautious.
Manufacturing contracted for the ninth straight month, signaling persistent pressure. Rate-cut expectations continue to climb, with futures markets assigning an 86% probability of a 25 bps cut next week.
Uncertainty around the potential Fed leadership change adds another layer to market positioning.

Earnings are limited today, with Marvell, MongoDB, Vestis, and Credo attracting attention after releasing their results.

Meanwhile, tokenized markets continue at a completely different pace.

While U.S. markets sit in “wait-and-see” mode, Bitget Stock Futures just crossed $10 billion in cumulative trading volume.

More volume means:
• faster order execution
• tighter spreads
• easier scaling of larger positions with minimal slippage

What stands out to me is the pace difference:
crypto exchanges are already running large-scale tokenized stock markets,
while the Nasdaq is still waiting for SEC approval to launch its own tokenized stock products.

Whether one is bullish or skeptical on tokenization, the gap in execution speed is hard to ignore. It feels like parts of the market are already operating one cycle ahead of traditional finance.