U.S. stock futures were slightly higher Sunday night as Wall Street awaits a big earnings week, particularly from artificial intelligence star Nvidia, and monitors the post-election rally.
Futures tied to the Dow Jones Industrial Average gained 6 points, just above the flat level. S&P 500 futures added less than 0.1%, while Nasdaq 100 futures rose 0.1%.
The quiet moves on Sunday come after a tough week for the three major indexes, which are now well off the highs they reached in the wake of President-elect Donald Trump's victory.
The Dow Jones Industrial Average ended the week down at 43,444.99 points, having earlier topped 44,000 for the first time. The S&P 500 also fell 100 points last week to close at 5,870.62, while the tech-heavy Nasdaq Composite dropped 18,680.12.
Concerns about the path of interest rates continue to weigh on investors' minds, especially after US Federal Reserve Chairman Jerome Powell said on Thursday that the central bank is in no rush to cut rates given the strong economic growth and strong labor market, leading to last week's sell-off.
Currently, most investors are pricing in the year-end overnight lending rate in the range of 4.25% to 4.50%, according to the CME FedWatch tool.
The main catalyst for the market this week will be Nvidia’s earnings report, which is due out on Wednesday. Traders will be watching for guidance on the company’s demand for its Blackwell chips.
So far, with 93% of S&P 500 companies reporting results, three-quarters of them have reported a positive earnings-per-share surprise and 61% have reported a positive revenue surprise, according to a note Friday from FactSet’s John Butters.
