US stock futures slipped on Monday after Wall Street’s powerful rally to close out last week, with eyes all on Nvidia (NVDA) earnings for the week ahead.

Futures attached to the Dow Jones Industrial Average (YM=F), the S&P 500 (ES=F), and the tech-heavy Nasdaq 100 (NQ=F) all edged about 0.2% lower.

On Friday, the Dow Jones Industrial Average (^DJI) surged over 800 points, or 1.8%, to 45,631.74, to score its first record of 2025. The S&P 500 (^GSPC) gained 1.5%, finishing just shy of a fresh all-time high. The Nasdaq Composite (^IXIC) jumped 1.9% as investors cheered signals from Federal Reserve Chair Jerome Powell that rate cuts could start as early as September.

With earnings season continuing to roll on, Nvidia, the most valuable stock in the S&P 500, reports results after the closing bell Wednesday. Analysts see the chipmaker posting earnings of $1.01 per share on $46.13 billion in revenue. Price targets have been climbing in the lead-up, reflecting optimism that demand for AI hardware remains high.

Nvidia stock has already had a monster run: Shares are sitting near a record high, up 32% year to date while nearly doubling since April’s market low. Wednesday’s report acts as a litmus test for Nvidia as well as the broader market, as investors eyed a potential rotation out of tech before the end-of-week rally. Meanwhile, Dell (DELL) and Marvell Technology (MRVL) report Thursday.

Looking ahead, the spotlight turns to Friday’s July PCE inflation report, the Fed's preferred inflation gauge. Economists expect core PCE to rise 2.9% year over year, slightly higher than June’s 2.8%.

Asian markets rose overnight Sunday, following Wall Street's record-setting rally, which was sparked by hints from Jerome Powell that the Fed may be lowering rates.

Reuters reports:

Hong Kong's Hang Seng index (^HSI) jumped 2.1% to 25,866.49, while the Shanghai Composite index surged 0.9% to 3,858.59. It's trading at its highest level in a decade, despite worries over higher tariffs on exports to the United States under Trump and weak domestic demand at home.

Taiwan's Taiex (^TCHI) was up 2.5% as semiconductor maker TSMC Corp.'s (TSM) shares advanced 3.1%.

Tokyo's Nikkei 225 (^N225) gained 0.3% to 42,767.41, with computer chip-related companies leading gains.

The Kospi (^KS11) in South Korea climbed 1.1% to 3,204.48.

Australia's S&P/ASX 200 (^AXJO) edged 0.2% higher, while the SET in Bangkok gained 1%.

“Asia is set to rally in catch-up mode, feeding off Wall Street’s Friday rebound after Powell cracked the door open to rate cuts,” Stephen Innes of SPI Asset Management said in a commentary.

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Oil prices rose overnight Sunday as Ukraine hit a number of Russian production centers, causing fears over Russian oil supply capabilities.

Reuters reports:

Brent (BZ=F) crude futures rose 6 cents, or 0.09%, to $67.79 at 0050 GMT, and West Texas Intermediate (CL=F) crude futures gained 9 cents, or 0.14%, to $63.75.

Ukraine launched a drone attack on Russia on Sunday, which forced a sharp fall in the capacity of a reactor at one of Russia's biggest nuclear power plants and sparked a huge blaze at the Ust-Luga fuel export terminal, Russian officials said.

In addition, a fire at Russia's Novoshakhtinsk refinery, caused by a Ukrainian drone attack, was burning for the fourth day on Sunday, the acting governor of the region said.

The refinery sells fuel mainly for export and has an annual capacity of 5 million metric tons of oil, or around 100,000 barrels per day.

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