Stock index futures were slightly higher on Monday after Wall Street rallied on Friday as interest rate cuts appeared imminent. Investors are now bracing for Nvidia’s (NVDA) earnings results scheduled for later this week.

S&P 500 futures (SPX) +0.1%Nasdaq 100 Futures (US100:IND) +0.2% and Dow futures (INDU) remained unchanged.

The yield on 10-year US Treasury bonds (US10Y) fell 2 basis points to 3.78%. The yield on 2-year Treasury bonds (US2Y) fell 2 basis points to 3.89%.

Major U.S. stock indices closed higher on Friday, capping a successful week for equities after Federal Reserve Chairman Jerome Powell announced that the central bank was close to cutting interest rates from a 20-year high.

“Powell’s statements that ‘the time has come for a policy adjustment’ and ‘the direction is clear’ leave little doubt that the first easing in September will be followed by further rate cuts. Better late than never,” said Pantheon Macroeconomics.

In short, the inflation trajectory is very benign and hard inflation data will continue to reflect this reality. The Fed now needs to catch up too, Pantheon Macro added.

AI darling Nvidia (NVDA) will release its second-quarter results on Wednesday after the market closes.

Traders will also keep an eye on July personal consumption spending, the Fed’s preferred inflation indicator, due later this week.

In the economic calendar, durable goods orders will arrive in July before the stock market opens. Economists expect a 4% increase from the previous month. Orders for core goods are expected to remain unchanged.

“Durable goods orders likely jumped in July, but the details will be far less impressive,” Pantheon Macro said.

The Dallas Fed manufacturing survey is also expected today during market hours.