U.S. stock futures edged up Monday morning, setting the stage for another potential round of record highs on Wall Street. Dow Jones Industrial Average futures rose 0.2%, S&P 500 futures gained 0.08%, and Nasdaq futures added 0.1% as investors positioned ahead of a data-heavy week.
The Nasdaq Composite closed last week with back-to-back record highs, while the S&P 500 came within a fraction of its all-time closing level. Tech stocks led the charge, with Apple logging its best week since 2020 following a high-profile White House meeting with President Trump. Nvidia also hit a record Friday as signals emerged that Big Tech may avoid certain chip tariffs.
Key drivers for markets this week
Traders are focused on multiple catalysts that could set the market’s tone:
- Tariff policy: Trump’s sweeping duties on dozens of trade partners took effect last week, with additional sector-specific tariffs under consideration.
- Inflation data: The Consumer Price Index arrives Tuesday, followed by the Producer Price Index Thursday and retail sales Friday. Economists expect tariffs to keep upward pressure on prices.
- Federal Reserve expectations: Markets are pricing in a 90% chance of a September rate cut, with odds for as many as three cuts by year’s end.
Stock highlights
- Apple (AAPL): Best weekly gain in five years on optimism about U.S. tech policy.
- Nvidia (NVDA): Closed at a new high; traders watching semiconductor tariff developments.
- C3.ai (AI): Shares down 30% pre-market after a sharp revenue guidance cut.
- Bitcoin: Hit a fresh record in early trading, with no clear catalyst beyond positive sentiment from major holders.
What to watch next
This week’s inflation reports could determine whether the market extends its summer rally or faces renewed volatility. A hotter-than-expected CPI reading could temper Fed rate-cut bets, while softer data may fuel further gains.