US stock futures were flat in Sunday evening trading, as markets entered a critical week defined by megacap earnings and continued risk around President Trump's looming tariffs. Investor focus is dominated by two topics for the upcoming week: policy clarity on trade and earnings from tech heavyweights.

U.S. stock-market futures were little changed Sunday, as investors await the next tariff developments and a big week of quarterly earnings.

Dow Jones futures rose slightly Sunday night, along with S&P 500 futures and Nasdaq futures. TeslaTSLA and Google-parent AlphabetGOOGL headline a big earnings week, with both showing positive stock action.

Palantir (NASDAQ: PLTR) stock saw a massive rally across the first half of 2025's trading. The tech company's share price rose 80.3% across the stretch against the backdrop of a 5.5% gain for the S&P 500 index, according to data from S&P Global Market Intelligence

The IPO Pulse actually peaked last October and has been slowing since then. But the downturn certainly accelerated in March and April as the stock market sold off, with the IPO Pulse falling to a 1½-year low in April (chart below, blue line).

Unlike the Mag 7, the new leaders are far less tied to AI. Sure, names like Palantir and Nvidia remain big winners, but the broader group of stocks delivering eye-popping returns spans more industries, including finance and, yes, even space. It's been a tale of two markets this year.

Nvidia owns a 7% stake in CoreWeave, and made it possible for the young company to be the first to launch its latest GPUs. In February, CoreWeave became the first hyperscaler to make Nvidia's new Blackwell architecture broadly available -- and it just did the same recently with the latest iteration, Blackwell Ultra.

Palantir's expansion into commercial markets has boosted its business. The stock has been on a tear since the start of 2024. Palantir's valuation is sky-high.