(Reuters) – U.S. stock index futures headed higher on Monday, with Nvidia’s quarterly results and minutes of this week’s Federal Reserve policy meeting likely to test Wall Street’s record streak.
All three major indexes marked their fourth consecutive week of gains on Friday, as positive corporate earnings and softer-than-expected inflation data supported hopes for rate cuts this year.
Both the benchmark S&P 500 and the tech-heavy Nasdaq hit record highs last week, while the blue-chip Dow closed above 40,000 on Friday.
Investors are eagerly awaiting quarterly results from artificial intelligence (AI) chip leader Nvidia and the minutes of the Fed’s latest monetary policy meeting, both scheduled for Wednesday.
“The minutes will sound marginally more hawkish than Chairman Powell’s press conference because other members of the committee were more concerned than Powell about whether policy was doing enough,” Bank of America analysts said in a note.
With little guidance yet from Fed officials on the timing of rate cuts, investors will spend the day parsing comments from rate setters including Raphael Bostic, Michael Barr, Christopher Waller and Philip Jefferson.
Traders expect a nearly 82% chance that the Fed will cut rates by at least 25 basis points in September, according to the CME’s FedWatch Tool.
On the economic data front, weekly initial jobless claims, S&P global flash PMI numbers, and durable goods data will be released next week.
Global market participants were also closely watching developments surrounding the death of Iranian President Ebrahim Raisi, a hardliner seen as a potential successor to Supreme Leader Ayatollah Ali Khamenei, in a helicopter crash.
At 5:29 a.m. ET, the Dow e-minis were up 6 points, or 0.01%, the S&P 500 e-minis were up 4.75 points, or 0.09%, and the Nasdaq 100 e-minis were up 26 points, or 0.14%.
Paramount Global rose 3% premarket on a report Sony Pictures Entertainment and Apollo Global Management have signed non-disclosure agreements allowing them to review the US media company’s books ahead of a potential bid for its assets.
Johnson Controls International rose 4.6% on a report that activist investor Elliott Investment Management had built a position worth more than $1 billion in the construction solutions provider.
(Reporting by Ankika Biswas in Bengaluru; Editing by Devika Syamnath)
