A trader reacts on the floor at the New York Stock Exchange in New York City, U.S., August 22, 2025.
Brendan McDermid | Reuters
U.S. equity futures were flat on Sunday night after the Dow Jones Industrial Average catapulted to new intraday and closing records and as investors looked ahead to Nvidia earnings.
Futures tied to the Dow inched higher by 5 points, or 0.01%. S&P 500 futures edged lower by 0.03% and Nasdaq 100 futures were lower by 0.06%.
On Friday the blue-chip Dow soared 846.24 points, or 1.89%, to 45,631.74. The broad market S&P 500 rose 1.52% to 6,466.91. At its session high, it came within three points of its record. Meanwhile, the tech-heavy Nasdaq Composite gained 1.88%, ending the session at 21,496.53.
Stocks rallied after Federal Reserve Chair Jerome Powell’s widely anticipated annual speech in Jackson Hole, Wyo., in which he signaled the central bank could begin easing monetary policy next month. Expectations for a quarter-point rate cut in September jumped to about 84% according to the CME Group’s FedWatch tool, from about 75% earlier in the week.
“We have seen the ingredients of a potential rotation trade out of tech into more cyclical and value stocks, and so to the extent you do see more anticipation of a Fed easing cycle, that momentum trade out of tech can continue,” said Adam Crisafulli, founder of Vital Knowledge. “That puts a lot of pressure on biggest reports this coming Wednesday.”
Dell and Marvell will also report earnings on Thursday. Those names could play a key role in determining whether the tech rally is back on or if there’s further to go in the rotation trade, Crisafulli said.
In the week ahead, traders are also looking forward to Friday’s July personal consumption expenditure price index, the Fed’s preferred inflation gauge. Economists polled by FactSet expect core PCE, which strips out volatile food and energy prices, will rise 2.9% on a year-over-year basis, compared to its 2.8% increase in June.
