Futures on US stock indices were flat on Monday evening as investors awaited quarterly reports from major tech companies and as rising geopolitical uncertainty around Iran dampened risk appetite.

Futures stabilized after a negative Wall Street session that ended with losses amid fears of escalating military confrontation and a sharp rise in oil prices. S&P 500 futures were virtually unchanged at 7,482.50. Nasdaq?100 futures were also steady at 28,784.0, while Dow futures were little changed at 52,083.0.

The market is still digesting last week's heavy losses: doubts about the justification for lofty valuations of chipmakers—fueled by AI expectations—triggered a deep sector sell?off and increased investor caution.

The escalation around Iran added further pressure. US Central Command struck Iran for the tenth consecutive time on Monday, and operations are expected to expand this week. President Donald Trump said Iran will "pay" for the deaths of US soldiers — at least three service members have been killed in Iranian attacks on US bases in the Middle East.

The renewed conflict pushed oil prices higher: on Monday, quotes hit five?week highs as transit through the Strait of Hormuz was effectively blocked, stoking concerns about shrinking global supplies and tighter availability.

Higher energy prices also rekindled worries about persistent inflation — a factor that could push the Federal Reserve toward rate hikes in the coming months.

Although the Fed is widely expected to keep interest rates unchanged at the policy meeting next week, markets fear that persistent inflation could force the central bank to resume tightening later this year, especially after Chair Kevin Warsh reiterated the Fed's commitment to its 2% inflation target.

This week's spotlight is on Q2 earnings season. Elon Musk's Tesla and Alphabet, Google's parent company, will report quarterly results on Wednesday.

Tesla is expected to show stronger results amid a recovery in EV sales, while Alphabet's report will be watched closely for updates on its large AI investment plans.

Alphabet will also be under scrutiny after last week's report that the company delayed the launch of its Gemini 3.5 Pro AI model.

Other major reports this week include General Motors, Danaher, Charles Schwab, and MSCI on Tuesday. Philip Morris International, Gevo, Moody's, CME Group, and Texas Instruments report on Wednesday, and Intel will release results on Thursday.

Investors now figure out how geopolitics, oil price dynamics, and corporate earnings together affect profitability and valuations amid continued uncertainty.