Devik Jain & Ambar Warrick

(Reuters) – U.S. Stock Index Futures rose Monday, as technology stocks gained ground. Investors meanwhile waited for a slew economic and retail data this week in order to assess the state of consumer spending.

On concerns about high inflation and weakening sentiment, the major Wall Street Indexes fell between 0.3% to 0.7% last Week. At the close of the week, investors began to shift their focus towards more economically stable sectors (mainly technology).

The market-heavy FAANG stocks rose 0.1% to 0.8% in premarket trading, led by Meta Platforms Inc.

Tesla Inc, an electric carmaker (NASDAQ) fell 2.1% to its peers in tech after Elon Musk became embroiled with Bernie Sanders during a fight over tax payments.

Tesla’s shares have fallen steeply following a 15.4% plunge last week, when Musk sold $6.9billion worth of shares.

This week’s focus will be on the earnings reports of several large retailers, including Walmart (NYSE/:) Inc. Target Corp (NYSE :), Home Depot Macy’s Inc. and Inc. (NYSE) will release their results to round out a positive third quarter earnings season that pushed Wall Street past new heights.

On Tuesday, retail sales data for October will also be due. This report is expected to reveal the effect of inflation on consumer spending.

6.28 AM ET were 0.3% higher at 6:28 a.m. were up 10 points or 0.21%. They also increased 30.5 points or 0.19%.

Boeing (NYSE) was one of the Dow’s best performers before the bell. It rose 2.6% following Emirates’ announcement of two 777 Freighters orders and Saudi Arabian Airlines being in discussions with Boeing for an order for wide-body jets.

Dollar Tree Inc (NASDAQ): The stock rose 5.4% to 5.4% as activist investor Mantle Ridge LP disclosed a 5.7% interest in the discount retailer.