Stock futures edged up on Sunday evening as Wall Street looks ahead to another big week that will feature earnings from AI chip leader Nvidia and another inflation update.
The yield on the 10-year Treasury was flat at 4.256% after diving Friday on rate-cut expectations. The U.S. dollar was down 0.02% against the euro and flat against the yen.
Gold fell 0.13% to $3,413.80 per ounce. U.S. oil prices rose 0.2% to $63.79 per barrel, and Brent crude added 0.15% to $67.83.
Friday’s stock surge came after a big selloff that was led by tech giants, as doubts have grown about the AI boom and how much it will actually help companies.
Wall Street’s faith in the staying power of AI as an investment thesis will be put to the test when Nvidia reports quarterly earnings after the close on Wednesday.
On Friday, the Fed’s preferred inflation gauge is due as policymakers wait and see how much of an effect on inflation President Donald Trump’s tariffs are having.
Earlier updates on the consumer price index and the producer price index were mixed, and analysts expect the personal consumption expenditures index for July to rise 0.2% on a monthly basis and 2.6% on a yearly basis, the same annual rate as June.
But the core PCE is seen climbing 0.3% on a monthly basis and 2.9% on a yearly basis, accelerating from June’s 2.8% annual rate.
Still, some Fed officials, including Powell, have indicated that tariff-related impacts on inflation may be short term and that more attention should go to the labor market, which has shown signs of weakening.
