Futures linked to the key U.S. indices were slightly higher before the start of a new trading week. Chipmaker Onsemi is set to report on Monday, with investors awaiting a flood of other corporate earnings in the coming days. Meanwhile, stocks in Japan advance after Japanese Prime Minister Sanae Takaichi’s election gamble pays off.

1. Futures tick up

U.S. stock futures edged higher on Monday, ahead of week that will feature a bevy of corporate earnings and delayed economic data.

By 03:43 ET (08:43 GMT), the Dow futures contract had risen by 87 points, or 0.2%, S&P 500 futures had gained 6 points, or 0.1%, and Nasdaq 100 futures had increased by 13 points, or 0.1%.

The main averages on Wall Street rallied to end the previous session, paring back some losses earlier in the week which were fueled largely by concerns that artificial intelligence tools could negatively impact a raft of software sector players.

At the end of trading on Friday, the blue-chip Dow Jones Industrial Average had surged above the 50,000 level for the first time ever, the benchmark S&P 500 had gained nearly 2% and the tech-heavy Nasdaq Composite climbed by roughly 2.2%.

Still, shares of Amazon retreated by 5.6%, as investors balked at indications that the e-commerce giant plans to greatly intensify its spending on AI. Other mega-cap tech firms, such as Google-parent Alphabet, have also proposed heavy expenditures this year to keep pace in the race to develop and monetize AI capabilities, but some doubts have swirled around when these outlays will translate into sustainable returns.

2. Onsemi to report

On the earnings front, chipmaker Onsemi is due to be one of the highlights of the slate of quarterly corporate reports on Monday.

The company previously delivered an outlook for its fourth-quarter revenue and profit that was broadly in line with expectations. Strength at its business helping manage power consumption at AI data centers has partially offset tepid electric vehicle demand in North America and Europe, which has dented automotive industry spending on its silicon carbide chips.

When it unveils its returns after the closing bell, Onsemi is seen posting adjusted earnings per share of $0.63 on revenue of $1.53 billion, according to Bloomberg consensus estimates.

Elsewhere this week, updates from fellow tech names like Datadog, Spotify, Cisco, and Applied Materials are also due to be released.

3. Big win for Japan’s PM

Beyond the U.S., Asian markets advanced on Monday in the wake of a major win for Japanese Prime Minister Sanae Takaichi in a snap election over the weekend.

Takaichi had bet big on the vote, which was coming a mere 110 days after she became Japan’s first-ever female prime minister. But the gamble has appeared to pay off, with reports saying that Takaichi’s Liberal Democratic Party garnered such sweeping support that it secured a rare supermajority in the lower house of Japan’s parliament.

The result seems to clear the path for Takaichi to pursue her proposed spending bumps and tax reductions against a political backdrop that some observers have described as stable.

“Calm may be on the way for Japan’s markets now the election is out of the way,” said Thomas Mathews, Head of Asia Pacific Markets at Capital Economics, in a note. Mathews added that a recent sell-off in Japanese government bonds, which had cast a pall over global financial markets, is not anticipated to continue, while the yen is tipped to strengthen.

4. Gold climbs

Gold prices rose in European trade, while silver also advanced, after metal markets logged wild swings last week amid sluggish haven demand, profit-taking, and increased uncertainty over U.S. monetary policy.

Much of the focus this week is on a host of key U.S. economic prints — chiefly nonfarm payrolls and consumer price index inflation — for more cues on the world’s largest economy. Both readings factor into the Federal Reserve’s interest rate decisions as well.

Some haven-linked demand for metals cooled as the U.S. and Iran were seen making some headway in weekend talks, with each side pledging to continue talks over Tehran’s nuclear ambitions.

5. Oil falls

Oil prices fell after the U.S. and Iran suggested they will continue to negotiate over Tehran’s nuclear ambitions, signaling a cooling in regional tensions.

Resilience in the dollar before the string of key U.S. economic readings this week also kept crude prices under pressure after a 2% drop last week. Major prints from top oil importer China are due out this week as well.

Brent oil futures last fell 1.1% to $67.32 a barrel, while West Texas Intermediate crude futures dropped 1.0% to $62.92 a barrel.

Washington and Tehran said over the weekend that indirect nuclear talks between the two will carry on after what they described as positive discussions held in Oman on Friday. The messaging helped temper concerns that a military conflict in the Middle East was imminent, especially after Washington deployed several warships to the region earlier in the year.