US stock futures pointed higher on Monday after the US and European Union struck a trade pact to lead off a packed week of Big Tech earnings, a Federal Reserve meeting, inflation data, the July jobs report, and President Trump's Aug. 1 deadline to lock in key trade deals.

Contracts on the S&P 500 (ES=F) and the tech-heavy Nasdaq (NQ=F) put on roughly 0.2% and 0.4%, respectively, after closing out Friday at fresh record highs. Dow Jones Industrial Average futures (YM=F) floated just above the flatline as stocks pared earlier premarket gains.

The US and EU have agreed the outlines of a deal setting tariffs on Europe's goods at a baseline 15%, compared with the 30% threatened. Trump called the pact “the biggest of them all,” while von der Leyen said that "15% is not to be underestimated, but it is the best we could get."

An initial boost to market sentiment faded in early morning trading as investors digested the conflicting details in the US-EU deal framework. But stocks are still just about on track to resume a rally that saw the S&P 500 (^GSPC) notch its fifth all-time high in a row on Friday.

Read more: The latest on Trump's tariffs

At the same time, hopes are rising for a US-China talks in Stockholm on Monday, which could reportedly extend the existing tariff truce by three months beyond its current Aug, 12 deadline. Meanwhile, Trump has frozen US tech export curbs to help secure a China deal and help efforts to book a meeting with President Xi.

Investor eyes are now turning to a jam-packed week on Wall Street. Heavyweight earnings highlight the most intense stretch of the season, with more than 150 S&P 500 companies set to report. Meta Platforms (META) and Microsoft (MSFT) lead off Wednesday, followed by Amazon (AMZN) and Apple (AAPL) on Thursday.

Read more: Full earnings coverage in our live blog

Beyond earnings, the Fed begins its two-day policy meeting on Tuesday, with an interest-rate decision expected Wednesday afternoon. While the central bank is expected to keep rates at 4.25%-4.50%, the watch is on for signs that policymakers are warming to a rate cut in September.

It all comes alongside legal battles to open up the Fed's meetings to investor eyes, as well as Trump's general pressure on the central bank and Chair Jerome Powell.

On the data front, inflation and labor will be in the spotlight. The July reading of the personal consumption expenditures (PCE) index, the Fed’s preferred inflation gauge, is forecast to show a modest monthly and annual uptick on its release on Thursday.

Also on deck: a flurry of jobs data. Tuesday’s JOLTS update and Wednesday’s ADP private payrolls print will set the stage for the crucial July jobs report on Friday.

The US dollar index (DX-Y.NYB) rose 0.6% on Monday following news that the United States and European Union struck a trade deal. The euro (EURUSD=X) slipped 0.7% against the dollar at $1.16.

While the framework's added clarity brought some relief to the trading partners, the deal was seen as more mixed in Europe, which was angling for free trade.

Under the deal, European goods bound for the US will face a 15% tariff, and the EU will spend $600 billion on US investments, though some details remain unclear. Together, the US and EU account for about a third of all global trade.

The Ether Machine is preparing to go public after raising the equivalent of $1.5 billion, with its promise of offering the public a new way to access cryptocurrency yields. It's the latest sign of ethereum's move out of bitcoin's shadow and into mainstream adoption.

Yahoo Finance's Nina Moothedath reports:

Ether Machine isn't the first firm to do this. BitMine Immersion Technologies (BMNR), chaired by Fundstrat's Tom Lee, announced plans to begin stockpiling ether back in late June. SharpLink Gaming (SBET), a Nasdaq-listed sports-betting technology company, made a similar move in late May when it named Ethereum co-founder Joseph Lubin as its new chairman.

Further adoption of the blockchain into the mainstream in recent months has supported ethereum’s rise, including Robinhood's (HOOD) introduction of ethereum staking in the US and the passage of the stablecoin-focused GENIUS bill through the US Senate.

The Ether Machine news came after a week when the second-biggest cryptocurrency surged by over 20%, leading some to predict that it could pass $4,000 and sending long-term predictions into the $10,000s.

Ethereum (ETH-USD) rose 3% on Monday to $3,887, advancing toward the $4,000 mark.

Here's what to know about ethereum and what sets it apart from other blockchains.

Semiconductor play ASML (ASML, ASML.AS) getting a lot of mentions on the Street this morning as a winner from the US/EU trade deal.

Shares were up nearly 5% at one point in premarket trading. (I would note ASML just a week ago issued weak guidance that hammered the stock, so be mindful of that.)

Here's what JP Morgan had to say this morning:

\\"ASML had indicated in its Q2 results that it saw hesitation (and thus lack of orders) from customers to order tools for their new US fabs due to the risk of tariffs on semiconductor equipment. If this information from the US on zero tariffs on semiconductor equipment is correct then this would be very positive for ASML in particular, but also for VAT. Other semiconductor equipment companies in Europe, such as ASM International (ASM.AS) manufacture their tools outside the EU and thus deals with countries such as Singapore, Malaysia and the US will be important for those companies.\\"

Economic data: Dallas Fed manufacturing activity (July)

Earnings: Tilray (TLRY), Waste Management (WM), Whirlpool (WHR)

Here are some of the biggest stories you may have missed overnight and early this morning:

Fed meeting, July jobs report and Big Tech earnings: Week ahead

Health insurers have a problem that's squeezing their earnings

Musk hails $16.5B Samsung deal to make Tesla's AI chips

Trump looms large over defiant Fed's meeting this week

Eyes on US-China talks after EU strikes 15% tariff deal

Oppenheimer lifts S&P 500 target to call third year of 20% gains

US LNG producers soar as EU agrees $250B in annual purchases

Japan: Only 2% of $550 billion US fund will be investment

The impact of President Trump's policies on the economy is about to get a lot clearer.

Yahoo Finance's Josh Schafer takes a look at what to expect this week and why it matters:

A Federal Reserve meeting, the July jobs report, and earnings from Big Tech stalwarts Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META) will drive the direction of markets to kick off August.

A busy week of corporate earnings awaits, with 164 members of the S&P 500 expected to report quarterly results. Boeing (BA), Coinbase (COIN), Exxon Mobil (XOM), Chevron (CVX), and Starbucks (SBUX) will be among the companies highlighting the schedule.

Updates on job openings, activity in the services and manufacturing sectors, and consumer confidence are also on the calendar, while the first reading of Gross Domestic Product (GDP) for the second quarter is slated for Wednesday.

Investors will also be keyed in on trade-related updates, with Friday serving as President Trump's latest deadline to reach a flurry of deals. One major breakthrough came Sunday, as the US and EU reached a framework agreement with a 15% baseline tariff on EU goods. Trump called it “the biggest of them all.”

But before Big Tech earnings and economic data take center stage, investors will be closely tracking the Federal Reserve's July monetary policy decision. While Federal Governor Christopher Waller has signaled he may vote to lower the fed funds rate at the July meeting, investors are betting an interest rate cut in the coming week is almost certainly not in the cards.

Read more here.

Here are some top stocks trending on Yahoo Finance in premarket trading:

Nike (NKE) shares were up over 3% before the bell on Monday after receiving an upgrade from JPMorgan (JPM), moving its rating from neutral to overweight and setting a new price target of $93, up from the previous $64.

Samsung Electronics (005930.KS) stock rose 6% after announcing that it had secured a 16.5 billion deal to make Tesla's next-generation AI chip.

Shares in US liquefied natural gas developers surged in premarket trading on Monday, after the European Union pledged to purchase $750 billion worth of the super-cooled fuel over the next three years as part of a sweeping trade pact. NextDecade (NEXT), Venture Global (VG), and Cheniere Energy (LNG)jumped between 7% and 8.8%.

Samsung Electronics (005930.KS, SSNLF) has landed a $16.5 billion deal to make Tesla's (TSLA) next-generation AI chip.

The agreement, which runs through the end of 2033, will see the South Korean company produce the AI6 semiconductor at an upcoming plant in Texas.

Shares of Tesla stepped up 1.5% in premarket trading, after its CEO Elon Musk confirmed on X that the EV maker had struck the multibillion-dollar deal. Meanwhile, Samsung's Seoul-traded stock rose almost 7% to its highest level since September.

“The strategic importance of this is hard to overstate,” Musk wrote. \\"The $16.5B number is just the bare minimum. Actual output is likely to be several times higher.\\"

Bloomberg reports:

The Tesla chief executive officer and X owner will walk the chip fabrication line himself and has been authorized by Samsung to assist in optimizing production, he said. The AI6 component will form the foundation of Tesla’s self-driving hardware suite for cars in coming years. Samsung produces the current AI4 system, according to Musk.

The contract win, the first after Executive Chairman Jay Y. Lee was cleared of all outstanding legal charges, comes as Samsung has been steadily losing ground in chip manufacturing. The company, which makes its own memory chips and also fabricates semiconductors on behalf of clients, has had difficulty bringing in enough orders to fully utilize its foundry capacity. It has postponed completion of construction and operational ramp-up of its new Texas fab to 2026.

Read more here.

Oil prices eked out gains as the US and the EU finalized details of a trade deal ahead of Trump's Aug. 1 deadline.

Bloomberg reports:

Brent (BZ=F) was near $69 a barrel after closing 1.1% lower on Friday, and West Texas Intermediate (CL=F) traded above $65. The EU faces 15% levies on most of its exports, although Trump and European Commission President Ursula von der Leyen appeared to differ on some key details of the agreement.

The US-EU deal has supported sentiment, but the market had already been given some indication of expected tariff levels from past agreements, said Soni Kumari, a commodity strategist at ANZ Group Holdings Ltd. Oil prices should remain in the current range until there’s clarity around further trade pacts and the outcome from the upcoming OPEC+ meeting on supply, she added.

Trump’s trade policies and threats of retaliation from targeted countries have raised concerns about the outlook for global economic growth, weighing on oil and other commodities. The decision by OPEC+ to rapidly increase its output quotas has also put the market on track for a glut later this year.

An OPEC+ committee will convene later on Monday to assess the oil market ahead of a meeting on Sunday to decide on production policy for September. The group is expected to hike its quota again, according to delegates.

Read more here.

Futures in European stock indexes saw positive bumps early morning Monday as the markets reacted to the announcement of a tariff deal between the US and the EU

Interest in individual stocks in carmakers, luxury goods makers, and alcohol conglomerates is rising ahead of the market open Monday with those industries the most impacted by the deal.

Bloomberg reports:

The pact, which will see the bloc face 15% tariffs on most of its exports including autos, was announced Sunday by President Donald Trump after a meeting with European Commission President Ursula von der Leyen. The European leader said the rate would be all inclusive, though Trump said it did not include pharmaceuticals and metals.

Futures on the Euro Stoxx (^STOXX50E) 50 rose 1% as of 2:18 a.m. Monday in Paris, while contracts on Germany’s Dax climbed 0.9%. The euro was up 0.2% against the dollar at $1.1768, after advancing 1% last week.

John Plassard, head of investment strategy at Cité Gestion, said the deal is “good enough to unlock what equity markets needed most: visibility.”

“Tariff escalation risk is now off the table, and with that, a major macro overhang disappears. For investors, that’s not just a sigh of relief, it’s a green light,” he said.

Read more here.