SPX: S&P 500 Futures Jump After Broad Index Logs Yet Another Record High. Big Week Unfolds.

Easy does it — the S&P 500 chugged along for the record high on Monday, bringing its month-to-date gains at a moderate 3%. Not bad?

📈 Futures Rise After Another Record

• S&P 500 futures rose 0.1% Tuesday, with Nasdaq futures up 0.2% and Dow futures tacking on 60 points, as Wall Street eyes a blockbuster week of events. This comes after Wall Street’s broad index logged its 15th record close of 2025 on Monday — albeit by a hair.
• The S&P 500 is up 3% month-to-date, and while Monday’s gains were marginal, they were enough to keep the rally alive. The Nasdaq Composite rose 0.3%, while the Dow ticked 0.1% lower, suggesting investors are leaning into growth, not value.
• The week’s early strength is supported by optimism around Trump’s trade deal with the EU, which imposes a lower-than-expected 15% tariff rate and has traders hoping similar deals with China or others could follow before the August 1 deadline.

🧭 Wednesday’s Rate Call

• The Federal Reserve wraps up its two-day meeting Wednesday, and no rate change is expected, with Jay Powell and his crew likely to hold borrowing costs steady at 4.25%–4.50%.
• But what central bankers say next will matter more: with inflation easing and economic data softening, markets are still betting on a rate cut by September, despite the Fed’s reluctance to commit.
• A dovish hint could boost equities — or at least keep the record-chasing momentum intact. A hawkish tone, however, might cool risk appetite heading into the weekend.

💼 Earnings Blitz: Magnificent Seven

• Over 150 S&P 500 companies report this week, making it the busiest stretch of the second-quarter earnings season. That includes a high-stakes round of results from Meta META and Microsoft MSFT on Wednesday, followed by Amazon AMZN and Apple AAPL on Thursday.
• Apparently, the S&P 500 is at record levels (thanks, forward-looking and stretched valuations), these power players will have to justify their lofty price tags with strong results and solid guidance.
• So far, earnings have come in promising — but not blowout — which makes this week’s megacap prints a potential tipping point for the broader market.