Futures Rally as Oil Tumbles Ahead of the Quarter's Busiest Week

U.S. stock futures pushed higher early Monday, with Dow and S&P 500 contracts up about 0.8% and Nasdaq-100 futures jumping roughly 1.6%, as a sharp drop in oil prices eased inflation worries following a weekend pause in hostilities between the U.S. and Iran.

The rally sets the stage for the busiest week of the quarter. The Federal Reserve's July 28-29 meeting headlines the calendar, with markets split on whether Chair Kevin Warsh and colleagues will hold rates — CME FedWatch showed a 64.2% probability of a hold as of late last week, down from 87.2% earlier in the month. The Bank of England and Bank of Japan also deliver decisions this week.

Earnings add to the crush: Microsoft, Apple, Amazon and Meta all report, alongside Coca-Cola, UPS, Boeing, Visa and Ford on Tuesday. With volatility still elevated after last week's choppy trading, investors will be watching whether cooling oil and steady earnings can extend Monday's early gains.