S&P 500 futures were little changed Tuesday following a big rally to start the week. Key market catalysts loom ahead this week, including Big Tech earnings, a Federal Reserve rate decision and a potential China trade deal. Futures linked to the broad market index traded just above the flatline, along with Nasdaq 100 futures. Futures tied to the Dow Jones Industrial Average were up 211 points, or 0.5%. Investors during Monday’s session cheered cooling tensions between the U.S. and China ahead of a highly-anticipated meeting between President Donald Trump and China President Xi Jinping on Thursday. Both nations have agreed on a framework for a potential trade deal, which addresses China rare earth minerals restrictions, soybean purchases and TikTok. The S&P 500 in the previous session recorded its first-ever close above the 6,800 level, while the tech-heavy Nasdaq Composite and the Dow Jones Industrial Average also closed at record highs. The Russell 2000 small-cap benchmark finished at a new all-time high as well. Tuesday marks the start of the two-day Fed meeting, where the central bank is expected to cut its benchmark rate rate for a second time this year. Traders are also hoping for a signal from Fed Chair Jerome Powell on Wednesday that the central bank will cut once more at its final meeting of the year in December, partly driven by concerns about a weakening labor market. The Fed is dealing with an economic data blackout given the ongoing U.S. government shutdown. Investors are also eyeing a slew of upcoming earnings reports due Wednesday and Thursday from several “Magnificent Seven” stocks, including Alphabet, Amazon, Apple, Meta Platforms and Microsoft, which together account for roughly one quarter of the S&P 500′s total value. So far, the third-quarter earnings season is off to a strong start. “Another batch of solid earnings, signs of easing inflation pressures, firming rate cut expectations, and confirmation of a President Trump-Xi meeting later this week underpinned the buying pressure,” LPL Financial chief technical strategist Adam Turnquist said in a note. “Fundamental strength will be in the spotlight this week, as 30 companies in the NDX report earnings.” Amazon announced it will begin layoffs on Tuesday that will amount to the largest cuts to its workforce in the company’s history, CNBC reported, adding to the slew of job cuts seen in the tech industry this year. U.S. Treasury yields moved lower on Tuesday as investors looked ahead to the Federal Reserve’s interest rate decision. At 7:10 a.m. ET, the benchmark 10-year Treasury yield was down one basis point to 3.981%, while the 2-year Treasury note yield was less than a basis point lower at 3.492%. The 30-year bond yield fell more than 1 basis points to 4.554%. Asia markets were broadly lower Tuesday as investors digested a new rare earths framework signed by U.S. President Donald Trump and Japan’s Prime Minister Sanae Takaichi, tempering gains from Wall Street’s record highs. Japan’s Nikkei 225 retreated from its record high on Tuesday, falling 0.58% to 50,219.18, while the broad-based Topix was down 1.18% and closed at 3,285.87. Other Asia-Pacific markets were more mixed, despite gains on Wall Street that sent all three major U.S. indexes  record closing highs. South Korea’s Kospi also fell from its record high on Monday, dropping 0.8% to close at 4,010.41. The small-cap Kosdaq inched up marginally, ending the day at 903.3, its highest level since April 2024. Australia’s S&P/ASX 200 dipped 0.48% to close at 9,012.5. Hong Kong Hang Seng index was 0.33% down and finished at 26,346.14, while mainland China’s CSI 300 also lost 0.51% to close at 4,691.97, ending a three-day winning streak. Oil prices fell on Tuesday, marking their third day of declines as investors assessed the effect of U.S. sanctions on Russia’s two biggest oil companies along with a potential OPEC+ plan to raise output. Brent crude futures fell $1.29, or 2%, to $64.33 a barrel at 0856 GMT. U.S. West Texas Intermediate crude futures were down $1.20, or 2%, at $60.11. Gold fell more than 2% to a three-week low on Tuesday, as optimism over easing trade tensions lifted risk appetite and squeezed demand for safe-haven bullion, while investors turned their attention to the Federal Reserve policy meeting this week. Spot gold was down 2% at $3,899.94 per ounce, as of 0857 GMT, hitting its lowest level since October 6. U.S. gold futures for December delivery lost 2.6% to $3,915.30 per ounce.