Devik Jain and Ambar Warrick

(Reuters] – U.S. stocks index futures rose on Monday after energy and bank stocks slightly recovered from last week’s losses. But, the anticipation of several economic indicators this week kept gains under control.

As technology stocks continued to be in demand, Nasdaq futures reached a new record. Premarket trade saw heavyweights including major FAANGs rise.

Last week’s tech performance had been largely superior to other sectors, helping Nasdaq surpass the 16,000 mark for the first-time. This was due in part to rising concerns about COVID-19 rates in Europe.

The bank stocks will recover from the steep losses suffered last week when Treasury yields dropped sharply due to safe-haven demands. The yields were stable on Monday.

The open also saw small gains in travel and energy stocks. These sectors were some of the worst last week.

Gains in many sectors were still limited by investors who waited on a variety of economic readings. This included IHS Business Activity readings as well as personal consumption expenditure and the minutes from the Federal Reserve’s most recent meeting.

Investors are keeping an eye out for news from the Fed about tightening its policy. They also watch for a statement by President Joe Biden regarding his choice for next Fed Chair.

Current chair Jerome Powell is expected to remain in office for a second term. However, Fed Governor Lael Mindard could also be considered for the job.

At 6:29 a.m. ET was up 154 point, or 0.43%. They were up 17.5 point, or 0.377%, and up 56.75, or 0.34%, respectively.

Wall Street Indexes hit new records this month, as strong earnings season in the third quarter showed that corporate profits had not been affected by increasing inflation or supply chain problems.

Tesla Inc (NASDAQ:) Inc gained 2.8% following Elon Musk’s tweet that Model S Plaid would “probably” arrive in China by March.

Activision Blizzard (NASDAQ) fell 1.1% in the wake of a media report that Bobby Kotick would be considering quitting if there were no culture improvements.