United States stock futures held steady on Sunday evening (Monday AEST), as investors turned their attention to upcoming earnings from major tech companies and tracked developments on U.S. trade policy.
As of 9:15 am AEST (11:15 pm GMT), Dow futures were flat, while S&P 500 and Nasdaq 100 futures ticked up 0.1%.
Trade remained a key focus as Commerce Secretary Howard Lutnick reiterated on Sunday that 1 August is the firm deadline for new U.S. tariff rates to take effect, but added that “nothing stops countries from talking to us after August 1”.
The major averages enter the week on the back of a solid performance. The S&P 500 gained 0.6% last week, while the Nasdaq rose 1.5% to notch fresh record highs. The Dow, however, closed 0.1% lower.
Optimism over corporate earnings continues to buoy sentiment. According to FactSet, 83% of the S&P 500 companies that have reported so far have exceeded earnings expectations.
This week’s focus shifts to big tech, with Alphabet and Tesla, the first of the so-called Magnificent Seven to report. These companies are expected to play a central role in second-quarter earnings momentum.
In a note to clients, ANZ analysts highlighted the U.S. Federal Reserve’s communications blackout ahead of its 29–30 July FOMC meeting, noting an increase in payrolls, higher inflation, and strengthening retail sales since the June meeting.
ANZ wrote: “The Fed’s assessment that economic activity remains solid is unlikely to change, nor is its factual statement that inflation remains somewhat elevated. In fact, it is possible that the language around inflation could firm a little owing to evidence of a tariff impact on some consumer goods prices.
"We therefore expect no cut in interest rates later this month despite statements from President Trump that the policy rate should be at 1.0%.”
Still, a rate cut remains part of the discussion. Fed Governor Chris Waller has called for a 25-basis-point reduction, citing downside risks in the labour market and slowing growth.
ANZ noted that most Fed members currently favour patience but expect September to be a more viable window for easing, once further inflation and labour market data become available.
On the earnings front, companies set to report on Monday include Verizon Communications and Domino’s Pizza, kicking off a busy week of corporate updates that could shape broader market direction.
