US stock futures advanced on Monday as investors returned from a holiday-extended weekend, with Wall Street building on a strong week that lifted the Dow Jones to fresh record highs.
Last week, the Dow rallied nearly 2%, bringing it within reach of the 53,000 mark, while the S&P 500 and Nasdaq Composite climbed 1.8% and 2.1%, respectively.
The gains came despite weakness in semiconductor stocks, which had fueled much of this year’s market rally, as investors rotated into other sectors.
Healthcare, financials and industrials were among the biggest beneficiaries, with all three ending the week at fresh record highs.
Investors now await the minutes from the Federal Reserve’s June policy meeting for further insight into the outlook for interest rates.
Markets continue to price in multiple Fed rate hikes this year, even as easing inflation concerns are supported by the normalization of oil flows through the Strait of Hormuz.