By Shreyashi Sanyal

(Reuters) – U.S. stock futures rose Monday due to gains in Apple, which surpassed $3 trillion market capitalization. Investors looked forward to this week’s Federal Reserve meeting, where they expect policymakers to announce a faster withdrawal of monetary stimulus.

Apple Inc. (NASDAQ:) shares rose 1.1% premarket trading, after J.P. Morgan increased its price target to make the iPhone maker’s stock the most expensive on Wall Street. The company was on track to be the first to reach $3 trillion market capitalization.

Meta Platforms Inc. is one of the other technology and communication stocks. Microsoft Corp (NASDAQ) – Netflix Inc (NASDAQ) and Alphabet Inc (NASDAQ) also saw gains of 0.2% to 0.9%.

Wall Street’s major indexes are now recovering most of their losses from November, when the Omicron coronavirus variant was discovered. The closing high reached an all-time record on Friday.

Analysts believe investors are buying shares of megacap growth companies and many industrial bellwethers.

Investor sentiment has remained buoyant due to positive updates on vaccines and anti-inflation cocktails, as well as a consensus reading of inflation.

Markets will be watching the Fed’s policy announcement later in the week as it remains an important event. It is expected that they will announce a quicker withdrawal of assets and earlier increases in interest rates.

An economist poll by Reuters shows that central banks will increase key interest rates to near zero, 0.25-0.50% and then another quarter.

7.06 AM ET ET was up 39 points or 0.11% and ET up 11 point or 0.23%. ET also rose 56.25 points or 0.34%.

Pfizer Inc (NYSE) gained 1.6% after it announced that Arena Pharmaceuticals was being acquired by Inc in an all-cash transaction worth $6.7 billion. This deal will allow Arena to grow its treatment programs for cancer and other inflammatory diseases. Arena shares rose 92.2%