• US stock index futures trade marginally lower to start the week.
• S&P 500 and Nasdaq Composite closed the previous at new all-time highs.
• Fed Chairman Powell will testify before Congress later in the week.

S&P 500 futures fall 0.12%, Dow Jones futures drop 0.21%, and Nasdaq futures are unchanged.

S&P 500 (SPX), Dow Jones (DJIA), and Nasdaq (IXIC) indexes closed on Friday with a 0.80% gain, a 0.23% increase, and a 1.14% rise, respectively.

What to know before stock market opens

The Dow Jones Industrial Average (DJIA) closed the previous week virtually unchanged at 39,087.39, the S&P 500 (SPX) rose nearly 1% to close at a new all-time high of 5,137.07 and the Nasdaq Composite (IXIC) added over 1% to end at a record of 16,274.94.

The Technology Sector climbed 1.78% on Friday, outperforming the rest of the major sectors, closely followed by the Energy Sector, which rose 1.17%. The Utilities Sector fell on Friday, ending the last day of the week down 0.72% at the closing bell.

NetApp Inc. (NTAP) jumped 18.167% to close at $105.31 as the biggest gainer on Friday. On the other hand, Zscaler Inc. (ZS) backslid nearly 9.4% as the biggest loser for the day, dropping to $219.23.

Assessing the latest developments in equity markets, “the S&P 500 gained 0.95% last week (and 0.80% on Friday), meaning the index has now recorded positive weekly gains for 16 out of the last 18 weeks, the first time since 1971,” noted Jim Reid, global head of economics and thematic research at Deutsche Bank, and continued:

“Talking of milestones, the Russell 2000 reached its highest level since April 2022, jumping 2.96% on the week (and 1.05% on Friday), so the rally was fairly broad. But it was tech stocks that led Friday’s sizeable rally, with the Magnificent 7 up 1.27% ( 1.74% over the week). A strong earnings beat by Dell Technologies ( 31.62% Friday) lifted semiconductor stocks ( 4.29%) and saw Nvidia ( 4.00%) move above $2trn market cap for the first time