United States stock futures were steady in record territory early Monday evening (Tuesday AEST) as investors digested last week’s record-breaking rally and looked ahead to a packed calendar of earnings, economic data, and a Federal Reserve policy decision.
As of 9:25 am AEST (11:25 pm GMT), Dow futures were flat, while S&P 500 and Nasdaq 100 futures rose 0.1% apiece, following modest gains during Monday’s session that sent the S&P 500 and Nasdaq Composite to new all-time closing highs.
In extended deals, Cadence Design Systems jumped 6.5% after posting stronger-than-expected second-quarter results. The software company reported adjusted earnings per share (EPS) of $1.65 on revenue of $1.28 billion, exceeding estimates of $1.56 and $1.25 billion, respectively.
Nucor shed 5.6% after revenues missed expectations. The steelmaker reported adjusted EPS of $2.60 versus $2.55 expected on revenue of $8.46 billion versus $8.54 billion expected.
The company also warned that third-quarter earnings would be “nominally lower” due to weaker performance in its steel mills segment.
Whirlpool slumped 13.9% after second quarter disappointed investors. The appliance giant posted adjusted earnings of $1.34 per share on revenue of $3.77 billion, missing expectations of $1.68 and $3.85 billion. The company also lowered its full-year earnings outlook.
Western Union declined 2.8% after reporting adjusted EPS of $0.42 and revenue of $1.03 billion - both below expectations. The company also cut its full-year guidance.
Monday’s modest moves followed President Donald Trump’s announcement of a new trade deal with the European Union over the weekend. The agreement introduces a 15% tariff on most European goods, including automobiles. Trump also said the new global tariff baseline would likely range between 15% and 20%.
Although markets largely brushed off the deal, traders are watching closely for additional trade developments, especially with top U.S. and Chinese officials meeting in Stockholm this week ahead of Friday’s tariff deadline.
Tariffs, inflation, and monetary policy remain front of mind. The Federal Reserve’s two-day policy meeting concludes Wednesday, with markets widely expecting the central bank to hold interest rates steady at 4.25% to 4.5%. Attention will be on commentary for signs of a potential rate cut in September.
This week marks the most active stretch of the earnings season, with Meta Platforms, Microsoft, Amazon and Apple set to report results.
UPS, Procter & Gamble, Merck, and Boeing will report before the start of Tuesday's U.S. session.
Traders will also digest a flurry of key economic data including the Job Openings and Labor Turnover Survey (JOLTS), the ADP private payrolls report, and weekly jobless claims.
The biggest data point of the week arrives Friday, with July’s nonfarm payrolls report. Economists expect the economy to have added 110,000 jobs in July, a slowdown from the 147,000 added in June, while the unemployment rate is forecast to edge up to 4.2% from 4.1%.
