Wall St futures rise on trade hope; earnings kick into high gear
Futures tracking the S&P 500 rose 16.5 points, or 0.26% at 5:51 a.m. ET, and Nasdaq 100 e-minis climbed 65 points, or 0.28%, hovering near all-time highs hit last week.
Dow e-minis rose 110 points, or 0.25%.
Investors scoured for more trade deals ahead of President Donald Trump's August 1 tariff deadline. He threatened to impose a 30% tariff on imports from Mexico and the European Union after weeks of negotiations with the major U.S. trading partners failed to reach a comprehensive deal.
Trump has sent letters to other trading partners including Canada, Japan and Brazil, setting blanket tariff rates ranging from 20% to 50%.
Commerce Secretary Howard Lutnick's remarks on Sunday, however, offered some optimism as he expressed confidence over striking a trade deal with the EU.
The S&P 500 (.SPX), opens new tab and the Nasdaq (.IXIC), opens new tab reached new heights throughout the last week as investors largely overlooked Trump's shifting tariff rhetoric in favor of stronger economic data and a solid start to the earnings season.
The blue-chip Dow was 1.64% away from its all-time high.
Of the 59 S&P 500 companies that have reported quarterly earnings this season, 81.4% have surpassed Wall Street's earnings expectations, compared with a long-term average of 67.1%, according to LSEG I/B/E/S data as of Friday.
All eyes will be on marquee companies such as Alphabet (GOOGL.O), opens new tab and Tesla (TSLA.O), opens new tab later this week, as they kick off earnings for the so-called "Magnificent Seven" stocks, which could influence the overall trajectory of Wall Street.
Shares of Tesla and Alphabet were up 1.4% and 0.8% in premarket trading, respectively. Meanwhile, Verizon (VZ.N), opens new tab edged up 0.7% ahead of its results.
The week is light on the economic data front, with only notable indicators being weekly jobless claims figures and the July business activity report on Thursday. Federal Reserve Chair Jerome Powell's comments on Tuesday will be closely watched for clues on the central bank's future monetary policy stance.
Traders have largely ruled out a July rate cut, and are pricing in an about 60% chance of a September reduction, as per 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 4.2% and 10.1% 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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