US stock futures moved higher on Tuesday, eyeing a bid for more records as investors combed through a fresh rush of corporate earnings and waited for key economic data in a big week on Wall Street.

S&P 500 futures (ES=F) rose 0.3% on the heels of narrowly notching a sixth all-time closing high in a row. Dow Jones Industrial Average futures (YM=F) also edged up 0.2%, while contracts on the tech-heavy Nasdaq 100 (NQ=F) led the way higher with a 0.5% gain.

The mood is modestly upbeat as a blockbuster week for markets gets into full swing. The Federal Reserve kicks off its two-day policy meeting on Tuesday, while the JOLTS job openings update for June due later ushers in a series of crucial labor data culminating in Friday's nonfarm payrolls report.

Meanwhile, earnings take center stage as before-the-bell reports from Spotify (SPOT) and UnitedHealth (UNH) disappointed Wall Street. Results from Boeing (BA) and Starbucks (SBUX) will be scrutinized for signs of turnaround progress and of the impact of tariffs on outlooks. That sets the tone for this week's highlights, results from tech giants Apple (AAPL), Amazon (AMZN), Microsoft (MSFT), and Meta (META).

Read more: Full earnings coverage in our live blog

Also looming large is President Trump's deadline Friday for trading partners to strike deals or face blanket tariff rates. Hopes for an extension to the US-China trade truce are buoying the likes of AI chipmaker Nvidia's (NVDA) stock.

Read more: The latest on Trump's tariffs

Trade war fears may have lost their grip on markets, given the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC) only barely managed new records on Monday despite a new US-EU trade deal.

On Tuesday's economic docket, Conference Board's July reading on consumer confidence and a S&P CoreLogic print on home prices in May provide a health check on the economy ahead of an update on second quarter GDP later this week,

Economic data: S&P CoreLogic 20-city home price index (May); Conference Board consumer confidence, July; Job Openings and Labor Turnover Survey (June); Dallas Fed services activity (July)

Earnings: Boeing (BA), Booking Holdings (BKNG), Caesars (CZR), Cheesecake Factory (CAKE), Merck (MRK), PayPal (PYPL), Procter & Gamble (PG), Spotify (SPOT), Starbucks (SBUX), SoFi (SOFI), UnitedHealth Group (UNH), UPS (UPS), Visa (V)

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

The market is finally getting what it wants

35 charts explain markets and the economy right now

UnitedHealth stock falls after reporting mixed Q2 earnings

Sarepta stock soars as FDA reverses course on gene therapy pause

Spotify stock slides after Q2 earnings and revenue miss

Trump's DOJ puts companies on notice on tariffs

US, EU rush to clinch final details and lock in trade deal

Apple to Shutter a Retail Store in China for the First Time Ever

Stellantis faces $1.7B hit from US tariffs this year

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

UPS (UPS) stock fell over 2% before the bell on Tuesday after reporting a drop in second-quarter profit and revenue, as demand took a hit from new \\"de minimis\\" tariffs on low-value Chinese shipments and mounting risks from President Donald Trump's trade policies.

Whirlpool (WHR) stock fell premarket on Tuesday. after the appliance maker slashed its earnings outlook the day prior.

Royal Caribbean (RCL) stock rose 4% before the bell after raising its annual profit forecast on Tuesday, banking on resilient demand for the cruise operator's high-end private island destinations and premium sailings.

Wall Street’s busiest week of the summer is turning out to be an inflection point. Yahoo Finance's Hamza Shaban explains why in today's Morning Brief:

The US trade deal with Europe was the latest negotiation to crystallize into another catalyst, diminishing some of the market uncertainty that has hung over investors and inviting the potential for other deals to come through.

The trade negotiation deadline still lingers, and other tariff conflicts are outstanding. It also seems premature to declare victory on remaking global trade. But the risks tied to enacting a high-tariff regime are more manageable in the wake of recent agreements, and the administration appears to have made enough progress for markets to move on. (The benchmark index recorded a new closing high every trading day last week.)

If uncertainty was Wall Street’s primary obstacle, we’re seeing what happens when a sufficient amount of it has been resolved.

Even as an array of economic readings and Big Tech earnings can tweak the story, it's becoming increasingly clear that a turning point has arrived. The president confirmed on Monday that around 15% represents the new standard for tariff negotiations.

And while the full impact of that figure has yet to reach businesses and consumers, that the number is now known has given the market relief. Earnings have come in better than expected. And companies are proving to be more resilient, further lifting sentiment.

Read more here.

Spotify (SPOT) shares fell as much as 10% in early premarket trading Tuesday after the company missed second quarter earnings and revenue expectations.

The results follow a remarkable 120% rally over the past year, as the stock rebounded from 2022 lows on the back of price hikes, cost cuts, and investor enthusiasm for AI and advertising.

Spotify hit a record high of $738.45 earlier this month, but shares slid to around $635 immediately following the results.

Spotify reported second quarter revenue of €4.19 billion ($4.86 billion), missing analyst expectations of €4.27 billion, though up from €3.81 billion in the same period last year.

The company posted an adjusted loss of €0.42 ($0.49) per share, sharply missing forecasts for a profit of €1.97 and down from earnings of €1.33 in Q2 2024.

\\"Outsized currency movements during the quarter impacted reported revenue by €104 million vs. guidance,\\" the company said in the earnings release.

Operating income also fell short of expectations in the quarter, though subscriber metrics for both premium and ad-supported tiers came in ahead of estimates. Gross margins of 31.5% came in as expected.

Spotify’s massive rally heading into the earnings report was fueled by a sweeping business overhaul, including layoffs, leadership changes, and a pullback from costly podcast exclusivity.

After spending $1 billion to build out its podcast business, the company has since scaled back and narrowed its focus. Still, it remains committed to the medium, paying over $100 million to creators in Q1 alone, including high-profile names like Joe Rogan and Alex Cooper.

Read more here.

Shares of UnitedHealth Group (UNH) fell nearly 3% after its quarterly results before the bell painted a mixed picture.

Yahoo Finance's Anjalee Khemlani reports:

UnitedHealth Group reported second quarter earnings Tuesday beating Wall Street's expectations on the top line by a small margin, and missing on the bottom line. But its earnings continues a trend of higher-than-expected costs in the industry this quarter. ...

The healthcare insurer also updated its guidance for the full year, after pulling it last quarter. UnitedHealth now expects revenues between $445.5 billion and $448.0 billion, and adjusted earnings of at least $16 per share. ...

More patients seeking care means more premiums being paid out and less revenue for health insurers. Typically, insurers aim to be on the lower end of between 80%-85% of the premiums they receive, known as the medical expense ratio.

UnitedHealth reported 89.4% this quarter, compared to 84.8% in the first. That number is the highest in the company's history, breaking its 2024 record of 85.5% — which was attributed to higher utilization of care by seniors.

Read more here.

Shares in drugmaker Sarepta (SRPT) rocketed up over 30% in premarket after the embattled company got the FDA's go-ahead to resume shipments of its Elevdis gene therapy.

The greenlight comes after Sarepta put a voluntary pause on shipments for some patients while the US regulator reviewed its safety following deaths. The FDA on Monday recommended that the compa lift that halt.

Sarepta's stock is poised to build on a 16% gain on Monday, continuing a recent volatile spell triggered by changing fortunes for its best-selling product.

AP reports:

The FDA decision Monday “significantly improves Elevidys' sales outlook in the near-term,” Jefferies analyst Andrew Tsai told investors, in a note after the announcement. “The street will feel relieved about the situation, suggesting meaningful stock upside potential.”

Sarepta's therapy has been under scrutiny from regulators after two teenage boys died earlier this year from acute liver injury, a known side effect of the treatment. The FDA then requested a pause in shipments of the drug after the death of a third patient taking a different Sarepta therapy.

Read more here.

Reuters reports:

Nvidia placed orders for 300,000 H20 chipsets with contract manufacturer TSMC last week, two sources said, with one of them adding that strong Chinese demand had led the U.S. firm to change its mind about just relying on its existing stockpile.

The Trump administration this month allowed Nvidia to resume sales of H20 graphics processing units (GPUs) to China, reversing an effective ban imposed in April designed to keep advanced AI chips out of Chinese hands due to national security concerns.

Nvidia developed the H20 specifically for the Chinese market after U.S. export restrictions on its other AI chipsets were imposed in late 2023. The H20 does not have as much computing power as Nvidia's H100 or its new Blackwell series sold in markets outside China.

The new orders with Taiwan's TMSC would add to existing inventory of 600,000 to 700,000 H20 chips, according to the sources who were not authorised to speak to media and declined to be identified.

For comparison purposes, Nvidia sold around 1 million H20 chips in 2024, according to U.S. research firm SemiAnalysis.

Read more here.

Oil maintained gains following Trump putting pressure on Russia over the war in Ukraine with economic sanctions against Putin's government on the table.

Bloomberg reports:

Brent (BZ=F) was near $70 a barrel after closing 2.3% higher in the previous session, the biggest increase in two weeks. West Texas Intermediate (CL=F) traded around $67. Trump said he would impose a new deadline of 10-12 days for Moscow to end hostilities, warning of “secondary sanctions” if a deal isn’t agreed.

“There will be a sizeable part of the market questioning whether Trump will really follow through with his secondary tariff threats” given the US president’s desire for lower oil prices, said Warren Patterson, head of commodities strategy at ING Groep NV in Singapore. Still, their implementation could “dramatically shift” the outlook for the market, he added.

Trump’s action follows the latest round of sanctions by the European Union on Russia, which included penalties on India’s Nayara Energy. Global markets are also focused on the US deadline for trade deals by Aug. 1, and the upcoming OPEC+ meeting that will decide supply policy for September.

Read more here.