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US stock futures rose early Monday morning, as markets entered a critical week defined by megacap earnings and continued risk around President Trump’s looming tariffs.
S&P 500 (ES=F) futures climbed 0.2%, contracts on the Nasdaq 100 (NQ=F) gained 0.3%, while Dow Jones Industrial Average futures (YM=F) inched up 0.1%, reflecting a cautious tone after last week’s record-setting rally in growth names. The Nasdaq advanced 1.5% last week, while the S&P 500 added 0.6%. The Dow lagged, finishing slightly negative.
Investor focus is dominated by two topics for the upcoming week: policy clarity on trade and earnings from tech heavyweights. On Sunday, Commerce Secretary Howard Lutnick reaffirmed the White House’s Aug. 1 deadline for new tariffs, calling it a “hard stop” for compliance — before saying that he’s looking at continued conversation beyond that date.
Read more: The latest on Trump’s tariffs
Meanwhile, earnings season shifts into high gear with Alphabet (GOOG) and Tesla (TSLA) set to report Wednesday. These names are the first among the so-called “Magnificent Seven” to report this quarter. Strong results could validate stretched valuations as the market’s focus on AI growth is beginning to attract comparisons to historic tech bubbles.
Of the 59 S&P 500 companies that have already reported, 86% have beaten consensus, a historically strong beat rate, albeit off modest expectations.
Read more: Full earnings coverage in our live blog
On the macro front, the June Leading Economic Index is set for release Monday. The data will be closely watched for signs of deceleration or stabilization following a string of weak reads.
Also on deck Monday: Earnings from Verizon Communications (VZ), Cleveland-Cliffs (CLF), and Domino’s Pizza (DPZ).
LIVE 2 updates
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TSMC rides AI wave over trillion-dollar crest
Taiwan Semiconductor Manufacturing Co.’s market value has pushed over $1 trillion for the first time in the company’s history. The chip-manufacturing giant has seen its stock price double in the past year, reaching an all-time high Friday.
Bloomberg reports:
The main supplier of chips to Apple Inc. (AAPL) and Nvidia Corp. (NVDA) saw it shares climb to a record high on Friday, a near 50% rise from an April low. The company’s market capitalization now rivals that of Berkshire Hathaway Inc., with further gains potentially putting it among the world’s 10 biggest companies by value.
TSMC’s stock surge reflected growing investor confidence that the world’s top chipmaker will ride the AI boom to even greater dominance. The company raised its full-year revenue growth forecast to about 30% last week, signaling TSMC may benefit in a tightening race for AI manufacturing capacity.
“We think that TSMC’s tone towards advanced node demand is even more positive with AI customers showing no signs of demand slowdown,” wrote Goldman Sachs Group Inc. analysts including Bruce Lu after TSMC’s quarterly earnings. “We expect to see a higher magnitude of price hike in 2026.”
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Oil prices hold stead with Russia sanctions in focus
Oil prices remained little changed overnight Sunday with geopolitical tensions impacting supply concerns. Russia is facing sanctions on oil production as a result of the countries war with Ukraine.
Reuters reports:
