Stock market today: US futures edge up as rate-cut bets shift, with Nvidia on horizon

US stock futures traded mixed on Monday on the heels of a rally spurred by the Federal Reserve's message that interest-rate cuts are imminent, ahead of a busy week dominated by Nvidia's ( NVDA ) earnings report.

Futures on the S&P 500 ( ES=F ) rose roughly 0.1%, while Dow Jones Industrial Average futures ( YM=F ) added roughly 0.2%. Contracts on the tech-heavy Nasdaq 100 ( NQ=F ) slipped 0.1% after the major indexes all gained more than 1% for the week .

Stocks are edging toward fresh record highs after Chair Jerome Powell made it crystal clear the Fed is ready to pivot to lowering rates in September. The benchmark S&P 500 ( ^GSPC ) index is less than 1% away from topping the all-time closing high set in July.

Markets quickly moved to price in cuts totaling 1% by the end of 2024. But with only three Fed meetings left in the year — in September, November and December — and the August jobs report still to come, Wall Street is wondering when and whether a 0.5% cut is likely.

Now the focus is firmly on Nvidia earnings — the marquee event of the week — which will likely determine whether the market mood stays upbeat. If the chipmaker's results on Wednesday fail to meet sky-high expectations, that could further dent the AI trade that has powered stock gains — and, in turn, put the market's rebound from August lows to the test.

Also ahead is a Friday update on Fed policymakers' preferred inflation gauge, the PCE index print, is likely to feed into rate-path calculations. Also on decks is a reading on second quarter GDP on Thursday.

Elsewhere, oil prices jumped almost 3% amid reports of production shutdowns in Libya and fears of escalating Mideast tensions after both Israel and Hezbollah launched strikes. Global benchmark Brent crude futures ( BZ=F ) rose to $81.81 a barrel, while US benchmark WTI crude futures ( CL=F ) changed hands at $76.90 a barrel.