Wall Street set for higher open with tech earnings, trade updates in focus
S&P 500 E-minis rose 13.75 points, or 0.22%, at 8:23 a.m. ET, and Nasdaq 100 E-minis climbed 52.25 points, or 0.22%, hovering near all-time highs hit last week.
Dow E-minis were up 98 points, or 0.22%.
Despite the looming August 1 tariff deadline set by U.S. President Donald Trump, investors exhibited resilience, hoping for some progress in trade talks.
The optimism was built on comments from U.S. Commerce Secretary Howard Lutnick on Sunday, who expressed confidence over striking a trade deal with the European Union.
However, EU diplomats said the 27-member bloc is exploring a broader set of possible counter-measures against the United States, as hopes for a breakthrough deal with Washington dwindled.
The developments come in the wake of Trump's threat to impose a 30% tariff on imports from Mexico and the European Union.
The president has also sent letters to other trading partners, including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% to 50%.
Despite Trump's persistent attacks, the S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab reached new heights last week as investors believed that the economic fallout from tariffs might not be as dire as once feared.
Meanwhile, the blue-chip Dow hovered just 1.64% shy of its all-time high.
All eyes are on marquee names such as Alphabet (GOOGL.O), opens new tab and Tesla (TSLA.O), opens new tab, whose results this week will kick off the "Magnificent Seven" earnings parade, and could set the tone for Wall Street.
Shares of Tesla and Alphabet were up 1.6% and 0.8%, respectively, in premarket trading.
"There's still a ton of trade uncertainty, and so I think the focus on earnings has given investors some things to be excited about," said Ross Mayfield, investment strategy analyst at Baird.
"There's a lot of optimism around those big tech earnings and AI demand that should continue to help indexes."
On Monday, Verizon (VZ.N), opens new tab gained 4.6% after boosting its annual profit forecast. Meanwhile, shares of Domino's Pizza (DPZ.O), opens new tab rose 3.6% after the world's largest pizza chain surpassed analysts' expectations for second-quarter U.S. same-store sales.
The week is light on the economic data front, with only notable indicators being weekly jobless claims figures and the July business activity report expected on Thursday.
Investors will closely analyze Federal Reserve Chair Jerome Powell's remarks on Tuesday for any clues on the central bank's next move, especially after last week's mixed inflation signals.
Traders have largely ruled out a July rate cut, and are now pegging the odds at about 60% for a September reduction, according to CME Group's FedWatch tool.
Ethereum-linked companies Bitmine Immersion Technologies , Gamesquare Holdings (GAME.O), opens new tab, BTCS (BTCS.O), opens new tab and Sharplink Gaming (SBET.O), opens new tab advanced between 2.2% and 8.5% as ether traded near its highest level this year after Trump signed into law a bill regulating stablecoins in the United States.
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