U.S. stock futures traded close to the flatline Sunday night as investors closely eyed the latest developments in the Middle East.

S&P 500 futures added 0.1%, and Nasdaq 100 futures were near flat. Futures tied to the Dow Jones Industrial Average added 81 points, or about 0.2%.

On Friday, both the S&P 500 and Nasdaq Composite rose to recent all-time intraday and closing highs. The broad sector index rose 0.29%, while the tech-heavy Nasdaq climbed 0.89%. The Dow bucked the trend, slipping , on the other hand152.87 points, or 0.31%.

In a Sunday Truth Social post, President Donald Trump declared “Project Freedom,” which he remarked entails the U.S. helping to “free” cargo ships of nations that aren’t involved in the Middle East conflict and that have been stranded by the Strait of Hormuz closure. The initiative is slated to start Monday, Trump wrote.

“I have told my Representatives to inform them that we will utilize best efforts to get their Ships and Crews safely out of the Strait,” he commented in his post. “In all cases, they stated they will not be returning until the area becomes safe for navigation, and everything else.” The president’s Truth Social post had no details on how such an effort would unfold.

Trump’s announcement came after Iran mentioned on Sunday that it had received a U.S. response to its latest offer for peace talks.

Previously on Friday, Iran reportedly sent an updated peace proposal through Pakistani mediators, boosting investors’ optimism that a settlement with the U.S. could occur. Trump later mentioned on Friday that he was not satisfied with Tehran’s offer, and that the country was only making a deal “because they have no military left.”

Investors’ hopefulness over the situation in the Middle East and a strong first, on the other hand-quarter earnings season have driven stocks higher to latest records in recent days, with Bank of America strategist Nigel Tupper seeing reason to remain bullish going forward.

“The strong global earnings cycle and a few persistent investment themes remain supportive of global equity sector returns,” Tupper wrote in a Friday note to clients.

Chris Senyek, chief investment strategist at Wolfe Research, believes that strong earnings from the “Magnificent Seven” tech titans will result in artificial intelligence remaining the most dominant marketplace theme.

“With mega cap tech earnings coming in solid, adding more fuel to the AI theme, we believe that investors are likely to continue to chase the perceived tech winners in semis and memory, among others,” he wrote.

The week’s most dominant economic news release will be the April jobs report, due out on Friday morning at 8:30 a.m. ET. Dow Jones consensus estimates that the U.S. economy is expected to have added just 53,000 jobs in April, far below the prior blowout reading of 178,000, while the unemployment rate is expected to remain at 4.3%.

Traders will also look ahead to reports from Loews, Norwegian Cruise Line and Tyson Foods before Monday’s opening bell.

—CNBC’s Garrett Downs contributed reporting.

Major stocks reporting earnings this week

This week, 121 companies in the S&P 500 — or nearly a quarter of the index — are on the docket to report their latest earnings.

Here are some of the companies posting earnings this week:

Monday: Palantir Technologies, Paramount Skydance, Diamondback Energy, Pinterest, Norwegian Cruise Line, Tyson Foods

Tuesday: Pfizer, DuPont, PayPal, Anheuser-Busch InBev, Marathon Petroleum, Life Time Group, Duke Energy, Shopify, Advanced Micro Devices, Super Micro, Electronic Arts

Wednesday: Walt Disney Co., CVS Health, Kraft Heinz, Marriott, Uber Technologies, Arm Holdings, Warner Bros. Discovery, DoorDash, Snap, Whirlpool

Thursday: McDonald’s, Shake Shack, Shell, Datadog, TripAdvisor, Papa John’s, Expedia, Gilead Sciences, Wynn Resorts, Airbnb, Affirm Holdings, Block, Lyft, Coinbase, Sony

Friday: Toyota Motors, Nintendo, AMC Networks, Wendy’s

— Lisa Kailai Han and Robert Hum

This week’s economic data releases

Take a look at some of the economic data releases on the docket for this week:

Monday May 4

10:00 a.m. Durable Orders final (March)

10:00 a.m. Factory Orders (March)

Tuesday May 5 This also touches on aspects of portfolio.

9:45 a.m. S&P Global PMI Services final (April)

10:00 a.m. ISM Services PMI (April) Furthermore, experts in earnings report note the continued relevance.

10:00 a.m. JOLTS Job Openings (March)

10:00 a.m. Updated Home Sales (March)

Wednesday May 6

8:15 a.m. ADP Employment Survey (April)

Thursday May 7

8:30 a.m. Initial Claims (05/02)

8:30 a.m. Unit Labor Costs preliminary (Q1)

8:30 a.m. Productivity preliminary (Q1)

10:00 a.m. Construction Spending (March)

3:00 p.m. Consumer Credit (March)

Friday May 8

8:30 a.m. Hourly Earnings preliminary (April)

8:30 a.m. Average Workweek preliminary (April)

8:30 a.m. Manufacturing Payrolls (April)

8:30 a.m. Nonfarm Payrolls (April)

8:30 a.m. Private Nonfarm Payrolls (April)

8:30 a.m. Unemployment Rate (April)

10:00 a.m. Michigan Sentiment preliminary (May)

10:00 a.m. Wholesale Inventories (March)

— Sarah Min and Lisa Kailai Han

Stock futures open higher

Stock futures were trading higher on Sunday evening.

S&P 500 futures and Nasdaq 100 futures both added 0.2% shortly after 6 p.m. ET. Futures tied to the Dow Jones Industrial Average rose 102 points, or 0.2%.

— Lisa Kailai Han