Stock futures were little changed Sunday evening as investors continued to weigh the impact of elevated Treasury yields and prepared for a week headlined by minutes from the Federal Reserve's September meeting.
Futures tied to the Dow Jones Industrial Average added 53 points, or 0.1%, while S&P 500 futures and Nasdaq-100 futures each rose 0.1%.
The muted open follows a broadly positive Friday session. The Dow gained 250 points, or 0.5%, to close at 51,176.46. The S&P 500 climbed 0.7% to 7,722.72, and the Nasdaq Composite rallied 1.2% to 27,190.86 — hitting an intraday all-time high before the session's end.
The prior week was shaped by surging Treasury yields and a jobs report that came in softer than expected, which helped ease some concern about another Fed rate hike in the near term. Even so, the 10-year Treasury yield climbed to its highest level in more than two decades, a development that has stoked concern that higher borrowing costs could weigh on equities even if the central bank opts to hold rates steady.
Tech stocks led Friday's gains, with Nvidia reaching an intraday all-time high and pulling the Nasdaq to a record close.
With a relatively thin economic calendar ahead, market participants are expected to respond to geopolitical developments and company-specific news as they await the unofficial start of earnings season.
"The light data calendar means that the investors will be responding to the ebb and flow of geopolitical and market specific developments matched against the latest batch of reasonably supportive economic reports, all ahead of the unofficial start of the reporting season with JP Morgan's results on October 13," said Gary Schlossberg, global strategist for Wells Fargo Investment Institute.
On Monday, the Institute for Supply Management's services activity report is due. The Fed's September meeting minutes are scheduled for release Wednesday, and the University of Michigan's preliminary October consumer sentiment reading arrives Friday.
Several companies are also set to report earnings this week, including Constellation Brands, Levi Strauss, PepsiCo, and Delta Air Lines.
Whether the momentum from Friday's tech-led session carries into the new week remains a central question for traders, with Treasury yield movements and any signals from the Fed minutes likely to set the tone for the days ahead.
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