US stock futures slipped on Monday, pointing to a retreat from a powerful rally fueled by rate-cut hopes with eyes all on Nvidia (NVDA) earnings for the week ahead.

Futures attached to the Dow Jones Industrial Average (YM=F) and the S&P 500 (ES=F) both fell back around 0.2%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) dropped 0.3%.

Wall Street is coming off a rally that saw the Dow Jones Industrial Average (^DJI) surge 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%.

With US debt above $37 trillion and climbing, the US Treasury market is eyeing stablecoin issuers like Tether and Circle (CRCL) as key buyers.

Yahoo Finance's Ines Ferré reports:

Wall Street's explosive adoption of digital tokens pegged to the US dollar has been fueled by the recently signed GENIUS Act, which established guidelines and a landmark framework for the industry. ...

Under the new law, stablecoin issuers have to back tokens with dollars or other high-quality liquid assets, effectively positioning short-term T-bills as the collateral of choice. ...

\\"Although the stablecoin market is currently too small to have a large effect on Treasury demand, the market is expected to grow substantially over the next several years,\\" wrote Stefan Jacewitz, economist at the Federal Reserve Bank of Kansas City.

That's exactly what Wall Street is betting on.

Read more here.

PDD Holdings (PDD) stock gained 5% in premarket trading on Monday after the Chinese e-commerce giant beat earnings estimates by a wide margin. Shares spiked as much as 12% earlier but pared gains as investors digested the report.

The Temu and Pinduoduo owner reported earnings per American depository share (ADS) of 20.75 Chinese yuan (approximately $2.89) compared to estimates of 12.30 yuan ($1.72), per S&P Global Market Intelligence estimates.

Revenue rose 7% year over year to 10.4 billion ($1.45 billion), barely beating estimates as price competition with rivals Alibaba (BABA) and JD.com (JD) and higher costs from tariffs weighed on margins. US-listed shares of Alibaba and JD.com also rose ahead of the market open.

“Revenues growth further moderated this quarter amid intense competition,” said Jun Liu, PDD Holdings vice president of finance. \\"As we remain focused on long-term value creation, the sustained investments may continue to weigh on short-term profitability.”

Read more here from Reuters

US President Donald Trump’s tariffs, threats of annexation and assorted insults have infuriated Canadians, leading them to sell off American real estate and boycott products.

The nation’s investors seemingly never got the memo, Bloomberg reports:

Canadian investors have injected C$124 billion ($89.7 billion) into US stocks in 2025, even as Trump’s trade war disrupted the two countries’ longstanding, largely tariff-free relationship, according to data compiled by Warren Lovely at National Bank of Canada Financial Markets. That’s on track for the largest yearly inflow since at least the 1990s.

Canadian investors can’t seem to resist the lure of the US market, which has outperformed the domestic benchmark in each of the past two years. Pinpointing the exact reason for this year’s enthusiasm — when the relations between the two countries have grown more tense — is a tricky proposition. But optimism over an artificial intelligence frenzy that’s pushed US tech titans to multiple records looms large.

“It’s a lot of performance chasing,” said Greg Taylor, chief investment officer at Vancouver-based PenderFund Capital Management Ltd. He pointed to years of US market outperformance, thanks to the rise of AI and inflows into mega-cap tech stocks.

This year, Canadian shares have proven the better bet. Canada’s benchmark index has outperformed its US peer, with the S&P/TSX Composite Index climbing almost 15%, compared with a 10% gain in the S&P 500 Index.

Still, locals have “seemingly failed to employ a ‘buy Canadian’ (or ‘sell American’) philosophy in their own portfolio dealings,” Lovely, managing director at the firm, wrote in a note to clients last week.

Read more here.

Keurig Dr Pepper's (KDP) $18 billion coffee megadeal for JDE Peet's (JDEPY, JDEP.AS) has failed to buzz investors in premarket. Its US-listed stock slid in premarket after the beverages giant confirmed reports of the acquisition.

Reuters reports:

US-listed Keurig Dr Pepper has agreed to buy Dutch company JDE Peet's for 15.7 billion euros ($18.4 billion) in cash, aiming to establish a global coffee champion in the face of growing trade challenges.

Under the terms of the deal, the maker of 7UP and Dr Pepper sodas will offer 31.85 euros for each JDE Peet's share, representing around a 20% premium on the Dutch company's closing market price on Friday.

The deal, billed as one of Europe’s largest acquisitions in over two years, proposes splitting the merged entity’s coffee operations and other beverage businesses into two separate publicly listed companies. ...

Both Keurig and JDE Peet's have flagged the impact of high coffee bean prices, which are seen rising again after U.S. President Donald Trump imposed a 50% tariff on beans imported from Brazil from August 6.

Read more here.

Intel (INTC) shares are up slightly in premarket trading on the late Friday news the US government is taking a 10% stake in the chip giant.

The deal is getting mostly favorable reviews on the Street, in part because the government isn't getting a board seat and the terms aren't super restrictive.

Even still, it's not an ideal situation for Intel. Now CEO Lip-Bu Tan has to have the Trump administration breathing down his neck at every corner while he attempts to save the company.

And make no mistake, with this government investment, it's a signal that Intel needs saving.

What KeyBanc had to say:

\\"We see positive implications associated with this transaction as we were previously concerned that the U.S. government's equity stake would likely have other Intel obligations with a potentially activist ownership role. Additionally, with the removal of the clawback on the previous CHIPS Act grant and announced equity transaction, uncertainty associated with whether INTC's Chips Act funding would be reneged is off the table.\\"

Yahoo Finance's Josh Schafer lays out the potentially market-moving events to watch this week, after stocks ended last week in rally mode, thanks to Fed Chair Jerome Powell's comments.

Schafer reports:

In the week ahead, earnings from Nvidia (NVDA) will see the world's largest company and AI leader test a summer rally that has stocks back near record highs.

Nvidia's quarterly earnings release after the bell on Wednesday will be this week's key event. But the economic calendar will be busier than the earnings calendar, with updates on inflation, GDP growth, home sales, and consumer sentiment all featuring in coming days. ...

During what was likely his final speech at the Jackson Hole Symposium as Fed chair, Jerome Powell told the audience the \\"shifting balance of risks may warrant adjusting our policy stance.\\" For investors, the words \\"may warrant\\" became a green light on rate cuts next month. ...

These rate-cut hopes will be put to the test on Friday with the release of the Personal Consumption Expenditures (PCE) index, the Fed's preferred inflation measure.

Read more here.

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.

Read more here.

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.

Read more here.