Dow Jones futures move little despite risk-on mood, big tech results eyed

• Dow Jones futures may gain amid improved market sentiment.
• Wall Street's recorded highs on Monday on optimism over the US-China trade deal and Fed rate cut bets.
• Amazon will begin layoffs on Tuesday, marking the largest round of job cuts in the company's history.

Dow Jones futures remain steady around 47,700 during European hours, with the S&P 500 futures and Nasdaq 100 futures hovering around 6,900 and 25,950, respectively, ahead of the opening of the United States (US) regular session on Tuesday.

US index futures show little movement despite Wall Street's rally to new record highs in the previous session as market sentiment improved on potential United States (US)-China trade deal and Federal Reserve (Fed) rate cut bets this week.

On Monday's regular US session, the Dow Jones rose 0.71%, while the S&P 500 and Nasdaq 100 advanced 1.23% and 1.83%, respectively. Amazon said it will begin layoffs on Tuesday, marking the largest job cuts in the company's history, CNBC cited a person familiar with the matter. Traders also await Big Tech earnings reports this week, including Apple, Amazon, Alphabet, Meta, and Microsoft.

Senior officials from the US and China announced over the weekend in Malaysia that they had reached a framework agreement on tariffs and other major issues, covering rare earth export controls, soybean purchases, and TikTok, setting the stage for Presidents Trump and Xi to finalize the deal during their meeting later this week in South Korea.

 The Fed is widely expected to lower interest rates by another 25 basis points, bringing the benchmark rate to 3.75-4.00%, at its October meeting. The CME FedWatch Tool indicates that markets are now pricing in nearly a 97% chance of a Fed rate cut in October and a 95% possibility of another reduction in December.