Dow, S&P 500, Nasdaq futures slip after record streak with Fed, earnings in focus

US stock futures fell on Monday, signaling a potential cooldown after the S&P 500 (^GSPC) wrapped up its longest winning streak in over 20 years.

Futures attached to the S&P 500 (ES=F) slid roughly 0.7%, while Dow Jones Industrial Average futures (YM=F) moved 0.6% lower. Contracts tied to the Nasdaq 100 (NQ=F) dropped 0.7%.

Investors have been riding a wave of optimism, fueled largely by early indications that the US and China are inching toward the negotiating table for discussions on tariffs. Chinese officials have signaled reopening trade talks with Washington, though no start to negotiations appears imminent.

Stocks took a step back after President Trump said on Sunday that he has no plans to speak to his Chinese counterpart President Xi this week, even as he said he wants a “fair deal” with China.

In commodities, oil (CL=F) continued a recent plunge after the OPEC+ coalition agreed to increase production. US crude prices fell nearly 4%, trading just over $56 per barrel at its lowest levels since 2021. Oil prices have plummeted more than 20% this year as Trump’s tariffs have fanned fears of recession.

Looking ahead, Wall Street’s attention turns to the Federal Reserve. The central bank kicks off a two-day policy meeting on Tuesday with the Fed expected to hold steady with current rates, even with Trump amping up pressure on the Fed and Chair Jerome Powell in recent weeks.

Investors will keep an eye on Thursday’s jobless claims report and Monday’s manufacturing activity data, both key indicators of the US economic outlook.

On the earnings front, this week sees earnings season continues to roll on, with high-profile reports expected from Ford (F), Palantir (PLTR), Disney (DIS) and AMD (AMD) set to roll in this week.