US Stocks-Wall St futures muted; Mideast talks, US-China summit in focus
SPY•Earnings and Fed outlook
On the earnings front, General Mills rose 1.1% after the Cheerios maker beat first-quarter sales estimates.
AI spending and higher energy costs from the US-Iran war have had policymakers at the Federal Reserve flag the need to keep interest rates restrictive, contradicting last week's decision to increase borrowing costs.
S&P Global's September Purchasing Managers Index data is expected later in the day. Economists polled by Reuters are anticipating it to show business activity stayed in expansion territory — above the 50 mark.
Fed Governor Michael Barr is expected to speak later in the day and his remarks will be scrutinized for thoughts on policy outlook. Traders are now pricing in a 50% chance that interest rates could be hiked by at least 25 basis points next month, the CME Group's FedWatch Tool showed.
