Stock futures headed toward a mixed open Monday morning, with technology stocks under more pressure as investors weighed the risks that higher inflation during the pandemic recovery might weigh on high-growth names.
Contracts on the S&P 500 and Dow each advanced after both indexes closed out Friday's session at all-time highs. The Nasdaq dipped by 0.4%, reversing some of Friday's gains.
Treasury yields were roughly unchanged across the long end of the curve, with the benchmark 10-year yield hovering below 1.59%. West Texas Intermediate crude oil prices (CL=F) and gasoline futures (RB=F) gained after the Colonial Pipeline, a top U.S. fuel pipeline operator, temporarily cut off its fuel lines after a cyberattack.
Elsewhere, Ether (ETH-USD), the token built on the Ethereum blockchain, set an all-time high of more than $4,000, building on a rally that's doubled prices for the second-largest cryptocurrency since the beginning of April. Bitcoin (BTC-USD) prices edged slightly lower, hovering below $58,000.
Investors have been focused on the prospects of inflation during the economic recovery coming out of the coronavirus pandemic, with a surge in demand during reopenings apt to drive a surge in prices. This could in turn eventually prompt the Federal Reserve to tighten policies, and taken together, would risk weighing on the valuations of longer-duration growth stocks like those of technology companies especially.