U.S. stock futures rise as Dow, S&P 500, Nasdaq edge higher; Tesla and Alphabet earnings loom, Trump’s tariff deadline fuels global trade fears

U.S. stock futures moved higher Monday morning as Wall Street entered a pivotal week defined by high-stakes earnings from megacap tech giants and growing uncertainty surrounding President Trump’s August 1 tariff deadline.

All three major indices are eyeing a positive open after notching record highs last Friday.

How are U.S. stock futures performing?

• S&P 500 futures (ES=F): +0.22% at 6,348.75
• Nasdaq 100 futures (NQ=F): +0.3%
• Dow Jones Industrial Average futures (YM=F): +0.2%

This comes after a record-setting week for growth stocks, with the Nasdaq Composite rising 1.5% and the S&P 500 adding 0.6%. The Dow, however, ended slightly lower.

Which stocks are making the biggest moves today?

Top gainers in pre-market trading:

• Block (SQ) is surging +9.3% after being announced as the newest addition to the S&P 500 index.
• Verizon (VZ) is up +4.5% after delivering solid second-quarter earnings and raising full-year guidance.
• Tesla (TSLA) is gaining +1.4% as investors anticipate its earnings report and updates on its robotaxi ambitions.
• Domino’s Pizza (DPZ) is climbing +3.0% after reporting better-than-expected same-store sales growth.
• Cleveland-Cliffs (CLF) is advancing +3.5% after posting a narrower-than-expected quarterly loss.

Top losers in pre-market trading:

• Sarepta Therapeutics (SRPT) is down -10%, extending Friday’s 36% plunge after the FDA requested more data on its gene therapy treatment.
• Stellantis (STLA) is slipping -0.9% after disappointing first-half results and ongoing pressure from global auto tariffs.

What’s driving the markets this week?

1. Earnings from the Magnificent Seven

Wall Street’s attention turns to earnings reports from major tech companies. Alphabet (GOOG) and Tesla (TSLA) are set to report on Wednesday, kicking off results from the “Magnificent Seven.” These updates are crucial as valuations hover near historic highs, driven by AI-fueled investor optimism.

So far, 59 S&P 500 companies have reported Q2 results — 86% have topped expectations, suggesting a strong beat rate, albeit from relatively modest estimates.

“Earnings misses are going to get punished more than usual,” said Brian Jacobsen of Annex Wealth Management, warning of heightened volatility.

2. Tariff deadline approaching

The August 1 deadline for new tariffs looms large. Commerce Secretary Howard Lutnick reiterated the date as a “hard stop” but hinted that discussions could continue afterward. Reports indicate that the EU is open to an imbalanced trade deal to avoid tariffs but is also preparing retaliatory measures if no agreement is reached.

Corporate highlights: What stocks are moving today?

Gainers:

• Domino’s Pizza (DPZ): Rose after second-quarter sales beat expectations thanks to new menu items that helped offset tariff-related concerns.
• Verizon (VZ): Trading higher following a solid Q2 earnings report.
• Cleveland-Cliffs (CLF): Gained after reporting narrower-than-expected losses.

Losers:

• Stellantis (STLA): Shares slipped 2.2% premarket as the automaker warned of a $2.7 billion H1 net loss, citing restructuring costs and U.S. tariffs. North American shipments fell 25% YoY.
• Netflix (NFLX): Dropped 5% on Friday despite beating expectations and raising guidance, as investors remain skeptical of elevated valuations.

Economic data and global trends

• The Leading Economic Index for June will be released later Monday and will be watched for signs of stabilization after recent softness.
• Oil prices remain steady amid fresh sanctions on Russian exports. Brent crude is at $69.33, while WTI trades around $67.36 per barrel.
• TSMC (TSM) crossed the $1 trillion market cap milestone, reflecting soaring demand for AI chips and strong earnings momentum.

Key takeaways for investors