U.S. stock futures were little changed on Monday evening after the S&P 500 and Nasdaq notched fresh record closes with marginal gains, as investor enthusiasm over the U.S.-EU trade deal showed signs of fading.
Investors shift attention to a busy week of economic data and major corporate earnings. The spotlight remains on the Federal Reserve’s policy meeting, which begins on Tuesday.
S&P 500 Futures inched 0.1% higher to 6,426.50 points, while Nasdaq 100 Futures gained 0.2% to 23,526.75 points by 20:19 ET (00:19 GMT). Dow Jones Futures traded largely unchanged at 45,000.0 points.
Focus shifts to key economic data and Fed meeting In the regular trading session on Monday, the S&P 500 rose marginally but still reached another all-time closing high. The NASDAQ Composite closed 0.3% higher, also extending its record run. The Dow Jones Industrial Average edged 0.1% lower on Monday.
The United States and European Union reached a landmark trade agreement over the weekend, a deal that includes a 15% tariff on EU goods entering the U.S.
Meanwhile, top U.S. and Chinese officials held talks in Stockholm on Monday, aiming to resolve key trade disputes and extend their tariff truce by three months.
"In terms of big trade deals yet to be secured, the market will still be on the lookout for deals with Asia (South Korea, Taiwan, India) and perhaps anything new for Mexico and Canada, too," ING analysts said in a note.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads. “The deal takes some pressure out of the 1 August tariff deadline and shifts the focus back to a very busy week of macro data,” they added.
The Fed kicks off its two-day policy meeting this week, wrapping up on July 30. While rates are expected to stay at 4.25%–4.5%, investors will watch closely for signals on a possible cut later this year.
The Bank of Japan also holds a key meeting on Thursday, where it is expected to keep rates unchanged.
Tariffs and their inflation impact will be in focus Thursday with the release of June’s PCE price index, the Fed’s preferred inflation gauge.
Investors will also watch key labor data this week, including JOLTS Job Openings on Tuesday, ADP private payrolls on Wednesday, jobless claims on Thursday, and the key July jobs report on Friday.
"Magnificent Seven" earnings due Investors are also gearing up for the busiest week of the earnings season, with more than 150 companies in the S&P 500 due to post their quarterly results.
This includes “Magnificent Seven” members, Facebook-owner Meta Platforms (NASDAQ:META) and Microsoft (NASDAQ:MSFT) on Wednesday, followed by Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) on Thursday.
Investors will be listening for companies’ comments on AI spending for direction on whether big investments in hyperscalers this year are justified.
