By Oliver Gray
Investing.com - U.S. stock futures were flat in early APAC deals on Monday, following strong gains in the previous week that saw all three major benchmark indices closing at record highs as investors rotated back into tech stocks amid strong second quarter earnings and the continued spread of the coronavirus Delta variant.
Last week, the Dow surged 2.43%, the S&P 500 added 2.62% and the Nasdaq Composite lifted 4.05%.
This week, market participants will be closely monitoring further earnings results from tech giants such as Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT), Facebook (NASDAQ:FB), Google (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN). Meantime, U.S. Federal Reserve officials are set to deliver their monetary policy decision on Wednesday, while personal consumption expenditures and preliminary GDP data will also provide clues on the U.S. economic recovery.
Among last week’s data, the Markit manufacturing PMI surged to a fresh record in July, easily beating market forecasts, despite rising price pressures and material shortages, while the Services PMI dipped well below expectations amid persistent labour shortages.