Stock Futures Flat After Record Week as Yields, Oil, and Earnings Loom

Stock futures were little changed Sunday evening, CNBC reported, as investors prepared for a pivotal week headlined by Nvidia earnings and a cascade of major retail results.

Dow futures slipped roughly 0.2%, equivalent to about 100 points. S&P 500 and Nasdaq-100 contracts hovered near the flatline after markets closed.

A Record Week That Ended on a Sour Note

The S&P 500 and Nasdaq both reached fresh all-time highs last week. The Dow briefly recaptured the 50,000 mark. But Friday undercut the euphoria. The Nasdaq-100 shed 1.5% in its worst single-session drop since late March, dragged lower by a sharp global selloff in long-dated bonds.

The U.S. 30-year Treasury yield climbed to its highest point in roughly a year. The U.K.’s 30-year Gilt yield rose to levels unseen since the late 1990s. Long-dated Japanese yields also surged in a rare synchronized move across developed markets.

Bond Yields and Inflation Dim Rate-Cut Hopes

The yield spike arrived alongside fresh inflation data that further dims the chances of near-term Federal Reserve easing. Markets analyst Ed Yardeni, president of Yardeni Research, wrote that investors now expect rates to stay elevated for longer regardless of pressure from President Donald Trump. Trump has urged newly installed Fed Chair Kevin Warsh to lower borrowing costs. Yardeni argued the macro environment no longer supports any easing bias.

Fundstrat technical strategist Mark Newton flagged what he called “initial signs” of a stall in U.S. equities. He noted that cross-asset volatility is creeping back as global long-end yields push higher in unison. Newton pointed out the S&P 500 and Nasdaq-100 had rallied more than 17% in just seven weeks before Friday’s reversal.

Oil Jumps as Iran Tensions Remain Elevated

Crude oil added to an already elevated price base Sunday night. West Texas Intermediate futures climbed 1.8% to $107.26 per barrel. Brent advanced 1.1% to $110.47. The gains reflect continued uncertainty around U.S.-Iran hostilities. Trump said Sunday that Iran must act quickly or face severe consequences. Both nations remain in active negotiations.

The Strait of Hormuz closure drew attention ahead of a G7 finance ministers meeting in Paris on Monday. Eurogroup President Kyriakos Pierrakakis said reopening the waterway is critical to containing the economic damage from the conflict.

Nvidia and Retail Earnings Take Center Stage

Against this backdrop, Nvidia is scheduled to post quarterly results Wednesday alongside Target. Walmart follows Thursday. Both releases arrive at a delicate moment for a market that had been riding big-tech momentum to record territory.

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