Futures-options traders work on the floor at the New York Stock Exchange’s NYSE American in New York City, U.S., Oct. 27, 2025.
Brendan McDermid | Reuters
Stock futures were little changed Monday evening following a big rally to start the week.
Key market catalysts loom ahead this week, including Big Tech earnings, a Federal Reserve rate decision and a potential China trade deal.
Futures tied to the Dow Jones Industrial Average added about 15 points. S&P futures were basically flat, while Nasdaq 100 futures gained 0.1%.
Investors during Monday’s session cheered cooling tensions between the U.S. and China ahead of a highly-anticipated meeting between President Donald Trump and China President Xi Jinping on Thursday. Both nations have agreed on a framework for a potential trade deal, which addresses China rare earth minerals restrictions, soybean purchases and TikTok.
The S&P 500 in the previous session recorded its first-ever close above the 6,800 level, while the tech-heavy Nasdaq Composite and the Dow Jones Industrial Average also closed at record highs. The Russell 2000 small-cap benchmark finished at a new all-time high as well.
Tuesday marks the start of the two-day Fed meeting, where the central bank is expected to cut rates for a second time this year. Traders are also hoping for a signal from Fed Chair Jerome Powell on Wednesday that the central bank will cut once more at its final meeting of the year in December, partly driven by concerns about a weakening labor market. The Fed is dealing with an economic data blackout given the ongoing U.S. government shutdown.
Investors are also eyeing a slew of upcoming earnings reports due Wednesday and Thursday from several “Magnificent Seven” stocks, including Alphabet, Amazon, Apple, Meta Platforms and Microsoft, which together account for roughly one quarter of the S&P 500’s total value. So far, the third-quarter earnings season is off to a strong start.
“Another batch of solid earnings, signs of easing inflation pressures, firming rate cut expectations, and confirmation of a President Trump-Xi meeting later this week underpinned the buying pressure,” LPL Financial chief technical strategist Adam Turnquist said in a note. “Fundamental strength will be in the spotlight this week, as 30 companies in the NDX report earnings.”
Nucor and Cadence Design Systems were among a handful of stocks moving in after-hours trading on the back of their earnings results. Amazon announced it will begin layoffs on Tuesday that will amount to the largest cuts to its workforce in the company’s history, CNBC reported, adding to the slew of job cuts seen in the tech industry this year.
Amazon announces historic layoffs ahead of earnings results due this week
E-commerce giant Amazon will announce sweeping job cuts beginning Tuesday that will result in the company’s largest workforce reduction in its history, CNBC reported, citing a person familiar with the matter.
Amazon — the nation’s second-largest private employer — plans to lay off as many as 30,000 staffers across its corporate workforce, Reuters first reported earlier Monday. The announcement comes after the New York Times reported this month that Amazon executives plan to replace more than half a million human roles with robots.
Amazon shares are up 3.5% year to date. The company is expected to report third-quarter earnings on Thursday.
— Pia Singh
Nucor, Waste Management, NXP among stocks moving in after-hours trading
Check out the companies making headlines after Monday’s close.
- Nucor — Shares of the steel products manufacturer added 3% after reporting strong results for the third quarter. Nucor said its earnings per share for the period was $2.63 per share, exceeding its earlier guidance that suggested earnings would be between $2.05 and $2.15 per share, per FactSet. Revenue for the third quarter came out at $8.52 billion, greater than analysts’ consensus expectation of $8.18 billion, according to FactSet. Nucor said it expects earnings from the current period to come out lower than those of the third quarter.
- F5 — Shares of the cybersecurity company dropped more than 6% after it issued disappointing guidance, anticipating “some near-term disruption to sales cycles” after the company had a system breach earlier this month caused by state-backed hackers from China.
- NXP Semiconductors — Shares of the Dutch semiconductor manufacturer added 2% after NXP gave third-quarter results that exceeded Wall Street estimates, along with a stronger-than-anticipated forecast for the current quarterly period
For the full list, read here.
— Pia Singh
