US stock futures were flat Sunday evening as Wall Street turned its attention to a pivotal Federal Reserve meeting later this week.

Futures attached to the Dow Jones Industrial Average (YM=F) , S&P 500 (ES=F), and Nasdaq 100 (NQ=F) all hovered around the baseline.

The muted moves come after the major averages logged a strong week. The Nasdaq Composite (^IXIC) notched a fresh record, climbing 2% for back-to-back weekly gains. The S&P 500 (^GSPC) advanced 1.6%, its best weekly showing since early August, while the Dow (^DJI) snapped a two-week losing streak with a modest gain.

Weak labor market signals coupled with price increases have increased expectation that the Federal Reserve will move forward with an interest rate cut at Wednesday’s policy meeting. Fed funds futures are now pricing in a 96% chance of a quarter-point cut ahead of the upcoming rate decision.

A rate cut could provide another tailwind for equities, particularly as AI enthusiasm continues to drive market sentiment, despite spreading fears of an AI bubble. Traders will also be watching whether Stephen Miran is sworn in as a Fed governor in time to participate in this week’s FOMC vote.

Earnings season is in its final stretch, but a few high-profile names are still set to grab the spotlight. FedEx (FDX) takes center stage, with investors treating its results as a bellwether for global trade flows and the broader US economy. Cracker Barrel (CBRL) is also on deck, fresh off buzz around its branding shake-up.

Bloomberg reports:

Bullion traded near $3,640 an ounce, after gaining for four consecutive weeks. Traders see a quarter-point cut this week amid signs of labor market weakness, and some potential for reductions extending into next year.

That expectation has driven Treasury yields to the lowest in months, weakened the greenback and supported gold. Lower yields reduce the opportunity cost for holding the metal, while a weaker dollar makes it more affordable. Whether the central bank will challenge these bets is a key question for investors this week.

“Macroeconomic numbers are likely to take over from tariff-related headlines,” ANZ Group Holdings’ Daniel Hynes and Soni Kumari said in a note, meaning that investors are watching how US tariffs will impact the nation’s economic growth and inflation data.

Bullion has rallied nearly 40% this year, and recently broke out a spell of range-bound trading to surpass an inflation-adjusted record. Persistent uncertainty over geopolitics and Trump’s tariff agenda, and concerted central bank buying have provided support.