US stock futures edged up as President Trump announced a trade deal with Japan and Wall Street readied for Tesla (TSLA) and Google-parent Alphabet (GOOGL, GOOG) earnings. Futures attached to the Dow Jones Industrial Average (YM=F) rose 0.

Stock futures were mostly flat on Tuesday (July 22), following record closes for the S&P 500 and Nasdaq Composite in the previous session. Futures linked to the S&P 500 hovered just below the flatline,

With Wall Street's surge to record highs, the U.S. stock market looks nearly as expensive as ever, and investors are debating whether the lofty valuations are a bearish signal or justified by the technology-heavy market's profit outlook.

Reaction has been fairly quiet, an ominous sign that much of the good news is priced in — and investors are punishing disappointments

Morgan Stanley expects tariff-related cost pressures to show up later this year, which could impact company margins and bump up inflation, leading to a change in rate cut expectations by the Federal Reserve.

Major U.S. stock exchanges are expected to report higher second-quarter profits, driven by increased fee collection from record-breaking trading volumes as investors rushed to reposition portfolios hit by tariff-related volatility.

JP Morgan is the bellwether as the US’s largest bank. It is expected to boost its net interest income target for this year, as it benefits from elevated interest rates in the US, and profit growth from loans could top 3% in Q2. This may be dwarfed by trading revenue, which some analysts expect to have surged by 8%.

US Stock market today ended higher as the Dow Jones, S&P 500, and Nasdaq all posted modest gains amid upbeat earnings reports and a surprise jump in retail sales. Investors are cautiously optimistic despite political tension as President Trump continues pressuring Fed Chair Jerome Powell over interest rate cuts.

US stock futures remained mostly flat Sunday night ahead of a busy earnings week focused on big tech companies.