(Reuters) -U.S. stock index futures jumped to record highs on Monday as expectations of a trade deal between China and the United States fanned risk appetite in a week packed with Big Tech earnings and a potential interest-rate cut from the Federal Reserve.

At 04:33 a.m. ET, Dow E-minis were up 256 points, or 0.54%, S&P 500 E-minis were up 50.25 points, or 0.74%, and Nasdaq 100 E-minis were up 264.75 points, or 1.04%.

Negotiators from the world's top two economies on Sunday outlined the framework for a deal to pause steeper American tariffs and Chinese rare earths export controls, ahead of a Thursday meeting between President Donald Trump and China's Xi Jinping.

U.S.-listed shares of Chinese companies gained in premarket trading. Alibaba Group Holding and JD.com gained more than 2.3% each. PDD Holdings rose 1.9% and Baidu ( BIDU ) added 5%.

Last week, the S&P 500 and Nasdaq notched their biggest weekly gains since August thanks to cooler-than-expected inflation data that solidified expectations of a 25-basis-point rate cut from the central bank on Wednesday.

Any forward-looking comments from Fed Chair Jerome Powell could help gauge the chances of another cut in December, especially with the ongoing government shutdown disrupting key economic data releases.

BLOCKBUSTER EARNINGS

As the busiest week of this earnings season kicks off, more than 170 companies are expected to report and all eyes will be on Big Tech.

Earnings from heavyweights including Microsoft, Apple, Alphabet, Amazon, and Meta will act as a litmus test for Wall Street's lofty valuations and the staying power of the rally.

Analysts warn that mere earnings beats won't cut it - investors are looking for clear signs that their outsized bets on artificial intelligence are still fueling long-term growth.

In premarket trading, U.S.-listed shares Of Argentine companies jumped after President Javier Milei's election victory.

YPF surged 15.7%, while Grupo Supervielle, and Banco Macro gained more than 26% each, while Banco BBVA Argentina rose 23% and Grupo Financiero Galicia advanced 29%.

(Reporting by Pranav Kashyap in Bengaluru; Editing by Devika Syamnath)