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U.S. stock index futures tiptoed through Sunday evening, barely budging after Wall Street’s enthusiastic leap on Friday. This came on the heels of a steady inflation report, fueling hopes that the Federal Reserve might still trim interest rates this year.

As of 19:39 ET (23:39 GMT), S&P 500 Futures edged up 0.1% to 5,300.75 points, Nasdaq 100 Futures maintained a calm 18,590.0 points, and Dow Jones Futures nudged up 0.1% to 13,830.0 points.

Friday’s fervor was ignited by the PCE price index—the Fed’s favored inflation metric—which matched expectations for April, hinting at a slight cooling in inflation, though it remains above the Fed’s 2% target. This reading, along with other signals of a slowing U.S. economy, fueled speculation that the Fed might slash rates in September.

Traders were seen betting on a 47% chance of a 25 basis point cut in September, while a 45% chance suggested the Fed might hold steady, according to the CME FedWatch tool. This optimism gave U.S. stocks a boost. The S&P 500 climbed 0.8% to 5,277.51 points on Friday, the Dow Jones Industrial Average soared 1.5% to 38,686.32 points, and the NASDAQ Composite stayed level at 16,735.02 points, hindered by sluggish tech stocks.

All eyes now turn to the forthcoming nonfarm payrolls data for May, due later this week, which could provide more clues about the labor market—a crucial factor for the Fed’s rate decisions.

Next week’s Fed meeting is highly anticipated, with expectations that rates will remain unchanged. However, any hints about future rate cuts will be eagerly scrutinized. Fed officials have recently cautioned that persistent inflation leaves little room for rate cuts just yet.

Additionally, this week’s spotlight includes May’s purchasing managers index readings, offering further insights into the economic landscape.

Skydance Media Sweetens the Pot for Paramount Global in $15-a-Share Bid

Last week, Skydance Media jazzed up its offer to Paramount Global, proposing to buy a select number of non-voting shares at $15 each, according to the Wall Street Journal’s Sunday scoop. This move values Paramount B-shares at a juicy 26% premium over Friday’s closing price.

A special committee from Paramount’s board has given a thumbs-up to Skydance’s sweetened proposal, as the Journal separately reported on Friday. The revamped offer promises better terms for both voting and non-voting shareholders and sweetens the pot with more cash, a source revealed to Reuters on Thursday.

Parent company National Amusements is insisting that Skydance include legal safeguards in case of lawsuits, the New York Times noted on Sunday. It’s still up in the air whether Paramount will get a “go-shop” period to seek out a better offer or proceed directly to a shareholder vote on the Skydance deal.

In the meantime, Skydance has committed a cool $1.5 billion to help chip away at Paramount’s debt, the Times added. Both Paramount and Skydance have kept mum on the media reports, with Skydance not immediately responding to Reuters’ request for comments.

After months of negotiation, Skydance has danced its way to the forefront, although a late-entry rival—Sony Pictures Entertainment, teamed up with Apollo Global Management—briefly threw a spanner in the works with a $26 billion all-cash bid. However, they’ve since scaled back to a more modest proposal, leaving Skydance in the spotlight.

Investing after the weekend is like stepping into the office after a vacation—everything seems calm until you check your email. As markets yawn and stretch from their brief respite, investors find themselves scrutinizing their portfolios, armed with fresh coffee and a cautious optimism. Will Monday bring a bull run or a bear trap? Either way, the seasoned trader knows to buckle up and enjoy the rollercoaster, because in the stock market, the only thing predictable is its unpredictability.