Here are five things you must know for Tuesday, June 4:

1. -- Stock Futures Rise on Signals Fed Could Cut Rates in 2019

U.S. stock futures were higher on Tuesday after St. Louis Federal Reserve President James Bullard lifted Wall Street's hopes that the central bank could cut interest rates.

Bullard noted Monday that a "darkened" narrative on global trade could mean a U.S. economy "that is expected to grow more slowly going forward, with some risk that the slowdown could be sharper than expected due to ongoing global trade regime uncertainty."

Bullard said that a "downward policy rate adjustment may be warranted soon," triggering a late-session rally that pushed the Dow Jones Industrial Average into positive territory and pushed U.S. Treasury bond yields back to multi-month and multi-year lows.

With Fed Chairman Jerome Powell set to speak Tuesday in Chicago, CME Group futures prices suggest at least a 50/50 chance of a rate cut in July, with two more easing moves priced in between now and the end of 2019.

Contracts tied to the Dow rose 115 points, futures for the S&P 500 gained 12.40 points, and Nasdaq futures were up 37.25 points. The Nasdaq slipped into correction territory Monday after it closed 10% off its May 3 peak.

Powell is scheduled to speak at 9:55 a.m. ET, at the Conference on Monetary Policy Strategy, Tools and Communication Practices held by the Chicago Federal Reserve Bank. The economic calendar in the U.S. for Tuesday also includes Factory Orders for April at 10 a.m. ET.

2. -- Big FAANG Stocks in the Government's Crosshairs

U.S. tech stocks led the Nasdaq's slide into correction territory on Monday as lawmakers geared up for what could be a lengthy probe into the biggest and most influential companies in the sector amid reports of a looming antitrust challenge from the Department of Justice.

The House Judiciary Committee unveiled a sweeping "top-to-bottom' review of tech companies late Monday, the first such probe by Congress, following reports of a dual effort from the DOJ and the Federal Trade Commission to tackle the perceived dominance and potential abuses of tech giants such as Apple (AAPL - Get Report) , Facebook (FB - Get Report) , Alphabet (GOOGL - Get Report) and Amazon.com  (AMZN - Get Report) .

Without naming specific companies or their services, the legislative body said a small number of "dominant, unregulated platforms" hold great power over commerce, communication, and information sharing over the internet. It cited investigative reporting and oversight by international agencies that have revealed concerns about whether these companies are rewarded for, and have the means to, harm competition.

The investigation would include hearings by the House Subcommittee on Antitrust, Commercial and Administrative Law on the "rise of market power online," said the committee, adding it would conduct a "top-to-bottom review of the market power held by giant tech platforms."

"The growth of monopoly power across our economy is one of the most pressing economic and political challenges we face today," said Democratic Rep. David Cicilline of Rhode Island, who chairs the antitrust subcommittee, adding that "market power in digital markets presents a whole new set of dangers."

A Reuters report on Monday said the Justice Department was considering a probe of Apple, the iPhone maker. The DOJ has been given jurisdiction to probe the company's practices as part of a broad review into potential anti-competitive behavior among big tech companies, Reuters reported, citing two sources.

The Wall Street Journal reported the FTC will examine how Facebook's practices affect digital competition, while the Washington Post reported that Amazon has come under heightened scrutiny by U.S. regulators. The Journal also reported the Justice Department was preparing a probe of Alphabet's Google.

"The bottom line is that for those looking to buy any of these stocks (Alphabet, Amazon, Apple, and Facebook), we would be patient and wait a few days as these types of antitrust headline-related selloffs tend to last multiple days," said Jim Cramer and the Action Alerts PLUS team, which holds each of the stocks in its portfolio.

3. -- Apple Kills Off iTunes

Even by Apple's standards, its event on Monday was pretty lengthy and one packed with announcements.

As usual, Apple used the keynote address for this year's Worldwide Developers Conference to unveil and detail the latest versions of iOS, macOS, watchOS and tvOS, each of which will roll out to consumers this fall. The company also showed off a new Mac Pro, announced that the version of iOS powering iPads will now be known as iPadOS and disclosed plans to break up iTunes.

Apple said it plans to split up the bloated iTunes program into dedicated media apps for the next version of its Mac operating system, known as Catalina.

The move is meant to streamline Apple's consumer media services and have its desktop programs more closely resemble those of its mobile apps. iTunes will be split into separate Music, Podcasts and TV apps, each of which already have individual apps in iOS.

Apple engineering chief Craig Federighi said the "future of iTunes is not one app, but three."

4. -- Salesforce, Tiffany and GameStop Report Earnings 

Tiffany  (TIF - Get Report) posted stronger-than-expected first-quarter earnings but same-store sales fell sharply amid a "dramatic" decline in foreign tourist spending, pulling shares down 4.5% to $86.10 in premarket trading.

Earnings reports are also expected Tuesday from Salesforce.com (CRM - Get Report) , Ambarella (AMBA - Get Report) , Guidewire Software (GWRE - Get Report) , Cracker Barrel Old Country Store (CBRL - Get Report) , GameStop (GME - Get Report) , Lands' End (LE - Get Report)  and HealthEquity (HQY - Get Report)  .

Salesforce is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells CRM? Learn more now.

5. -- James Holzhauer's 'Jeopardy' Winning Streak Is Over

James Holzhauer's run on "Jeopardy!" ended Monday, just shy of breaking Ken Jennings' all-time record.

Holzhauer lost in his 33rd appearance on the long-running game show. 

He was trailing in a "Final Jeopardy!" clue about Christopher Marlowe, wagering just $1,399 of his $23,400. He got it right, but a Chicago librarian named Emma Boettcher bet $20,000 of her $26,801 and correctly guessed Marlowe for a grand total of $46,801.

Even if Holzhauer had bet all of his money, Boettcher would have beaten him by $1.

Holzhauer finished with total winnings of $2,464,216, just $56,484 short of beating the all-time record set by Jennings for non-tournament play.