U.S. equity futures rose Sunday evening as investors awaited the July jobs report and another busy week of earnings to kick off August trading.
Futures tied to the Dow Jones Industrial Average rallied 200 points, or 0.4%. S&P 500 futures advanced 0.5%, and Nasdaq-100 futures climbed 0.8%.
President Donald Trump said early Sunday he canceled a planned attack on Iran. U.S. media reports on Friday said the president was gearing up for a new wave of strikes as hopes for a negotiated settlement to the war diminished and energy prices surged.
The three major indexes closed higher on Friday, with the Dow advancing 276.97 points, or about 0.53%, to 52,485.03. The S&P 500 closed up 0.7% at 7,489.72, and the Nasdaq Composite surged 1% to 25,373.85.
With the major averages wrapping up Friday near record highs, attention is turning to whether the catalysts that fueled the rally can continue to drive gains.
While Big Tech companies largely delivered on earnings, investors are becoming less willing to overlook mounting AI-related spending without clearer evidence of earnings growth.
Meanwhile, earnings reports due out this week are coming from companies that could offer clearer insights into broader economic conditions. Results are expected from McDonald's, Kraft Heinz, Costco Wholesale, and Walt Disney.
Investors will also have a full slate of labor market data to digest next week, culminating with Friday's closely watched monthly jobs report.
