Stock market update: Dow, S&P 500, and Nasdaq slip as major tech earnings and upcoming Fed meeting approach

US Stock Futures Dip as Markets Brace for Busy Week

On Monday, US stock futures edged lower, reflecting investor caution as the dollar weakened and anticipation grew ahead of a pivotal week featuring a Federal Reserve policy announcement and major technology earnings releases.

Futures for the Dow Jones Industrial Average hovered near unchanged levels. S&P 500 futures slipped by 0.1%, while contracts tied to the tech-focused Nasdaq 100 declined 0.3%. This follows consecutive weekly declines for the major US indexes.

Dollar Weakens Amid Intervention Speculation

Global markets adopted a risk-averse stance as the US dollar fell to its lowest point in four months. This drop came amid speculation that the US might collaborate with Japan to stabilize the yen, further extending the dollar’s recent sell-off. The greenback’s appeal as a safe haven diminished, especially after President Trump’s assertive moves regarding Greenland unsettled investors.

Gold Surges Past $5,000

The declining dollar has fueled gold’s ongoing rally, with the precious metal surpassing $5,000 per ounce for the first time on Sunday. Gold continued its upward momentum into Monday, reaching this significant milestone sooner than many anticipated and prompting questions about the rapid pace of its ascent.

Currency Markets Regain Focus

While equities have dominated investor attention since the post-pandemic recovery, driven by robust earnings, enthusiasm for artificial intelligence, and the resilience of US stocks, some analysts suggest that currencies may soon play a larger role—especially as President Trump renews tariff threats. Over the weekend, Canada, a close US ally, faced the prospect of a new 100% tariff rate.

Key Earnings and Fed Decision Ahead

This week’s wave of earnings reports could challenge current market views, particularly with quarterly updates expected from four of the “Magnificent Seven” tech giants. Microsoft, Meta, and Tesla are scheduled to announce results on Wednesday, followed by Apple on Thursday. Investors will be watching for insights into AI investment plans, especially after Intel’s recent cautious outlook highlighted challenges in the sector.

Meanwhile, the Federal Reserve’s rate decision is expected at the conclusion of its two-day meeting on Wednesday, with most anticipating that rates will remain unchanged. This comes amid heightened tensions between the Fed and the White House, following a criminal probe involving Chair Jerome Powell. President Trump has indicated he may soon announce a potential replacement for Powell.