Stock market today: S&P 500 futures gain after Tesla's China gambit

Stocks on Wall Street inched higher Monday ahead of a big week filled with a Federal Reserve rate decision, the monthly jobs report, and earnings from more Magnificent Seven tech heavyweights. Futures on the S&P 500 and the tech-heavy Nasdaq 100 were both up roughly 0.2% as Tesla shares surged amid upbeat China news. Contracts on the Dow Jones Industrial Average , which has fewer tech components, were up about 0.1%.

Tesla shares rose almost 10% in premarket after it reached an FSD-linked deal with Baidu seen as potentially helping stem its sales slump in a huge market. The Chinese internet giant's US-listed stock was up 6%. At the same time, investors are counting down to the Federal Reserve's policy decision at the end of its two-day meeting on Wednesday. Confusion reigns over whether the cooling in inflation has stalled and what any persistence in price pressures implies for interest-rate cuts.

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