U.S. stock futures rise as investors eye more earnings and tariff news

U.S. stock futures rise as investors wait for the kick off of earnings from the largest technology companies and tariff news.

Verizon and Domino’s Pizza are slated to report before the opening bell, but the main events come later in the week. Alphabet and Tesla will be the first of the so-called Magnificent Seven of the biggest companies to report earnings midweek. Investors will scrutinize their earnings to see if artificial intelligence spending remains strong or if President Donald Trump‘s tariffs and trade disputes are having any effect on outlooks.

Over the weekend, U.S. Commerce Secretary Howard Lutnick called Aug. 1 the “hard deadline” for countries to start paying tariffs, though he also added that “nothing stops countries from talking to us after August 1.” However, he also expressed optimism a deal with the EU would be struck.

Meanwhile, the European Union is planning retaliatory tariffs if the bloc can’t strike a deal with the U.S., Bloomberg reported. This comes after the FT said last week the U.S is looking at enacting a minumum 15% to 20% tariff on all EU goods with few exceptions. Trump earlier had threatened a 30% tariff on most EU imports, starting Aug. 1.

At 6:43 a.m. ET, futures tied to the blue-chip Dow edge up 0.24%, or 106 points, to 44,646.00, while broad S&P 500 futures add 0.26%, or 16.25 points, to 6,351.00, and tech-laden Nasdaq futures gain 0.28%, or 66 points, to 23,290.25. The Nasdaq and S&P 500 continue to linger near record highs.

The benchmark 10-year Treasury yield dipped to 4.378%.

At 10 a.m. ET, June leading indicators are due. Leading indicators are seen giving early warning signals of anticipated shifts in the business cycle.

FILE PHOTO: A Wall Street sign hangs in front of a U.S. Flag outside the New York Stock Exchange (NYSE) before the Federal Reserve announcement in New York City, U.S., September 18, 2024. REUTERS/Andrew Kelly/File Photo

Trump denied a Wall Street Journal report saying Treasury Secretary Scott Bessent persuaded the president not to fire Federal Reserve Chair Jerome Powell.

Bessent reportedly warned Trump of the possible effects on the economy and markets and the likely political and legal obstacles that such a move would face. He also said the Fed is already moving toward cutting interest rates later this year, and that the economy is doing well and markets have responded positively under the president’s policies, the story said, citing sources.

In a social media post, Trump disputed this account, saying he did not need anyone to explain this to him. He already knows what is good for markets and the U.S.

Stellantis said tariffs cost it about 300 milllion euros in the first half of the year, By the end of the year, that figure is expected to total between 1 billion and 1.5 billion euros. It warned it would post a net loss of 2.3 billion euros for the first half of the year, the worst result since it was created through the 2021 merger of Fiat Chrysler and Peugeot. Less one-time effects, the company said adjusted operating profit would be 0.5 billion euros, compared with an analyst consensus of 1.9 billion euros, according to FactSet. Shares were off 1.41% in pre-market trade.
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