U.S. stock futures opened flat on Monday night, even as the S&P 500 (SPX) and the Nasdaq Composite closed at a new high in the previous session. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 were up 0.19%, 0.06%, and 0.07%, respectively, at 11:07 p.m. EDT on July 28.
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In Monday’s trading session, the S&P 500 and the Nasdaq Composite hit new all-time intraday and closing highs, marking the S&P 500’s 15th record close of 2025. These gains were fueled by recent earnings results and international trade developments. Today, the S&P 500 ended just above flat, the Dow slipped 0.1%, and the Nasdaq rose 0.3%.
Tariffs and inflation will remain key focus points this week. The Federal Reserve is scheduled to announce its interest rate decision on Wednesday, following its two-day policy meeting. The market anticipates that the central bank will keep rates steady in the 4.25% to 4.5% range.
This week is also the busiest period of earnings season, with over 150 S&P 500 companies reporting quarterly results. This includes several “Magnificent Seven” firms: Meta Platforms (META) and Microsoft (MSFT) on Wednesday, and Amazon (AMZN) and Apple (AAPL) on Thursday.