U.S. stock futures were little changed Monday as Wall Street looked toward several mega-cap tech earnings reports and the Federal Reserve’s rate policy decision. Futures tied to the Dow Jones Industrial Average declined 23 points, or 0.06%. S&P 500 futures ticked down slightly while Nasdaq 100 futures rose 0.09%. All three major averages all rose last week week following encouraging economic data. Economic growth in the fourth quarter was stronger than expected, while core inflation on a yearly basis was lower than economists had forecast, suggesting a cooldown in price increases. However, the market’s gains were more muted compared to the prior week’s rally after notable companies such as Intel and Tesla disappointed on the earnings front. This week marks the busiest slate of the earnings season, with 19% of the S&P 500 reporting earnings. Mega-cap tech names Microsoft, Apple, Meta, Amazon and Alphabet — part of the core group of big tech companies that have led this year’s rally — will be posting their results. Investors will also keep an eye on several Dow components reporting their quarterly earnings, including Boeing and Merck. Meanwhile, the Federal Open Market Committee will begin its two-day policy meeting on Tuesday. Investors are nearly certain the central bank will keep rates steady. Traders in the fed funds futures market assigned an almost 97% probability the Fed will not cut rates at the upcoming meeting, according to the CME Group. Sonu Varghese, global macro strategist at Carson Group, said “the Fed doesn’t really have to worry about a hot economy stoking inflation anymore, because we literally see the opposite. The economy is running above trend and inflation is coming down. Based on that, in terms of portfolio allocation, we’re overweight equities.” To be sure, he added that while the Fed will likely reduce rates later this year, “and maybe lead to some capital appreciation, [it will] probably not be as much as the market is expecting.” U.S. Treasury yields declined Monday as investors looked ahead to a week of key economic data and the Federal Reserve’s first interest rate decision of the year. The yield on the 10-year Treasury was down by 5 basis points to 4.1065%. The 2-year Treasury yield pulled back 3.1 basis points to 4.33%. Evergrande’s shares halted trading on Monday after Hong Kong’s high court ordered the liquidation of the embattled Chinese property developer. China’s CSI 300 index fell 0.9% and closed at 3,303.96, driven by losses in Shenzhen, while Hong Kong’s Hang Seng index rose 0.71%, paring earlier gains. In Australia, the S&P/ASX 200 edged 0.3% higher to 7,578.4 as traders returned after a long weekend, extending its gains to a sixth straight day. Japan’s Nikkei 225 rebounded from Friday’s losses and rose 0.77%, ending the day at 36,026.94 while the broad based Topix climbed 1.27% and closed at 2,529.48. South Korea’s Kospi finished up 0.89% at 2,500.65, but the small-cap Kosdaq tumbled 2.16%, ending at 819.14. Oil prices were largely flat Monday, shedding earlier gains after missiles launched by Iran-backed militants killed U.S. troops in Jordan on the weekend. Global benchmark Brent fell 0.41% to $83.21 a barrel, while the U.S. West Texas Intermediate futures dropped 0.40% to $77.70 per barrel. Oil prices rose more than 1% earlier in the trading session. Gold prices rose on Monday as escalating tensions in the Middle East lifted bullion’s safe-haven appeal, while moves were limited as traders awaited the U.S. Federal Reserve chair Jerome Powell’s remarks this week for cues on interest rate trajectory. Spot gold was up 0.4% at $2,026.50 per ounce. U.S. gold futures also rose 0.4% to $2,026.20.