U.S. equity futures pushed higher on Monday as investors prepared for a packed week marked by the long-awaited return of official economic data and a crucial earnings report from tech giant Nvidia (NASDAQ:NVDA). With September labor figures finally scheduled for release after delays caused by the extended government shutdown, and Nvidia poised to update investors on the state of the AI boom, traders are bracing for potential market-moving news. Meanwhile, Japan posted its first economic contraction in six quarters, and both gold and oil prices traded broadly lower.
Futures advance
U.S. futures signaled a stronger start to the week, with expectations building ahead of fresh data and Nvidia’s high-profile results.
By 02:51 ET, Dow futures were up 88 points (0.2%), S&P 500 futures climbed 38 points (0.6%), and Nasdaq 100 futures jumped 223 points (0.9%).
Market sentiment received an additional lift from signs that President Donald Trump may be easing his tariff stance. After Friday’s market close, the White House revealed plans to scale back duties on several food imports, with Trump noting affordability concerns.
Prices for items like beef, fruit, and coffee were “a little bit high,” Trump said.
Separately, the U.S. and Switzerland struck a deal to cut tariffs on Swiss exports to 15% from 39%, in return for a $200 billion U.S. investment commitment by 2028.
This followed a mixed session for major U.S. indexes, although the Nasdaq Composite outperformed on a rebound in tech shares, calming some fears over inflated AI-driven valuations.
U.S. data flow to restart
Attention is now turning to the economic calendar, which has lacked key releases for weeks due to the record-length shutdown.
With the government reopened, delayed reports on inflation and jobs will begin to surface. One of the most anticipated releases will be September’s nonfarm payrolls report on Thursday, though White House comments suggest the October update may be incomplete.
These numbers will be crucial as the Federal Reserve prepares for its final 2025 policy meeting in December.
The Fed cut rates at its last two meetings, but with officials “flying blind” in the absence of updated data, markets increasingly expect policymakers to keep rates unchanged next month.
Nvidia earnings on deck
The headline corporate event this week will be Nvidia’s quarterly earnings, due Wednesday after the close. The chipmaker — whose share price has skyrocketed about 1,000% since the debut of OpenAI’s ChatGPT — has become the market’s primary AI bellwether. Its results may provide more direction for investors than even the delayed jobs report.
With valuations elevated and numerous tech deals centered on Nvidia hardware, worries about an AI-driven bubble have been rising.
Retail giants Home Depot (NYSE:HD), Target (NYSE:TGT), and Walmart (NYSE:WMT) will also publish earnings, offering clues to holiday-season consumer demand.
Japan’s economy contracts
Japan’s GDP shrank in Q3 2025, with exports — especially autos — hampered by steep U.S. tariffs. The economy contracted 1.8% year-over-year, a smaller drop than expected but still marking the first decline in six quarters.
Economists noted that although the downturn was anticipated, its shallower-than-feared depth suggests the slump may be temporary. Private consumption remained muted due to stubborn inflation, while capital spending was the lone bright spot, indicating firms are still investing despite trade pressures.
Focus now shifts to Prime Minister Sanae Takaichi’s upcoming fiscal stimulus plans.
Gold and oil soften
Gold prices weakened further as traders continued dialing back expectations for a December Fed rate cut. A stronger dollar and rising risk aversion compounded the pressure.
Oil prices also slipped after Russia’s Novorossiysk port resumed crude loadings, calming immediate supply concerns.
Both benchmarks had rallied more than 2% on Friday following Ukrainian strikes on Novorossiysk and a Caspian Pipeline Consortium facility. But by Sunday, tanker-tracking data showed shipments had resumed.
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