Dow futures dip as stocks eye record highs ahead of U.S.&China talks and inflation reports

• Stock futures ticked lower on Sunday night as the S&P 500’s recent rally has brought it within 2.4% of its all-time high reached in February, before President Donald Trump’s trade war ravaged markets. That comes ahead of a big week, which will see another round of U.S.-China trade talks and key inflation reports.

U.S. stock futures pointed down on Sunday night ahead of a big week that will be highlighted by more U.S.-China trade talks and fresh inflation data.

A strong jobs report on Friday added more fuel to a rally that has lifted the S&P 500 to within 2.4% of its all-time high reached in February, before President Donald Trump’s trade war sank markets.

Futures for the Dow Jones Industrial Average fell 44 points, or 0.10%. S&P 500 futures slipped 0.15%, and Nasdaq futures eased 0.23%. Tesla stock may see more downside after Trump said his relationship with CEO Elon Musk is over.

The yield on the 10-year Treasury slipped less than 1 basis point to 4.506%. The dollar fell 0.11% against the euro and 0.15% against the yen.

While Wall Street may not react to Trump sending National Guard troops to Los Angeles, his overall immigration crackdown represents a labor-supply shock to the economy that has implications for the dollar.

Gold dipped 0.28% to $3,337.20 per ounce. U.S. oil prices climbed 0.08% to $64.63 per barrel, and Brent crude gained 0.05% to $66.50.

On Monday, U.S. and Chinese officials will meet in London to begin another round of trade talks after agreeing last month in Geneva to pause their prohibitively high tariffs.

Since that de-escalation in the trade war, both sides have accused the other reneging on their deal. For the U.S., a key sticking point has been the availability of rare earths, which are dominated by China and are critical for the auto, tech, and defense sectors.

Kevin Hassett, director of the National Economic Council, sounded upbeat on Sunday that the London talks could result in a resolution.

“I’m very comfortable that this deal is about to be closed,” he told CBS News.

Meanwhile, new inflation data are due as the Federal Reserve remains in wait-and-see mode to assess how much Trump’s tariffs are moving the needle on prices.

The better-than-expected jobs report on Friday eased fears of a recession, taking pressure off the Fed to cut rates to support the economy. That means that any rate cuts may have to come as a result of cooler inflation.

The Labor Department will release its monthly consumer price index on Wednesday and its producer price index on Thursday.

Also on Wednesday, the Treasury Department will issue its monthly update on the budget, offering clues on how much debt the federal government is issuing amid concern about bond supply and demand.

This story was originally featured on Fortune.com