Stock futures rose Sunday night following a strong week on Wall Street that drove the Dow Jones Industrial Average to record highs.
Futures tied to the [30-stock benchmark](/quotes/@DJ.1/) added 89 points, 0.17%. [S&P 500 futures](/quotes/@SP.1/) gained 0.4%, while [Nasdaq-100 futures](/quotes/@ND.1/) advanced 0.98%.
Asia-Pacific markets traded mixed Monday as investors rethink artificial intelligence-driven plays, with focus also on the minutes from the Federal Reserve's June meeting, set to be released later this week.
The Japanese yen was trading at 161.54 per U.S. dollar after weakening to a 40-year low against the greenback last week. South Korea's won depreciated around 0.25% to 1532.82 per dollar after the currency began 24-hour trading.
The [Dow](/quotes/.DJI/) climbed nearly 2% last week, putting it within striking distance of 53,000, a level it has never reached. The [S&P 500](/quotes/.SPX/) and [Nasdaq Composite](/quotes/.IXIC/) also posted sharp gains last week, advancing 1.8% and 2.1%, respectively.
Those gains came even as semiconductors — the force behind many of the market's gains this year — faltered last week, with investors paring exposure to chipmakers and rotating into other sectors. The [VanEck Semiconductor ETF (SMH)](/quotes/SMH/) shed 3.2%, marking its second losing week in a row.
"The broadening in sector rotation is a big positive, with Financials, Healthcare, and Industrials all closing at new weekly all-time highs this week and more than offsetting the consolidation in Semis," wrote Mark Newton, head of Technical Strategy at Fundstrat. "While the Semi decline is a short-term headwind that favors owning other sectors while it settles, it has not dented the broader indices."
Newton expects the S&P 500 to reach 8,000 by mid-August. The benchmark closed last week at 7,483.24, about 7% below the 8,000 mark.
Traders this week will turn their eyes to the Federal Reserve, with the minutes of the June meeting — the first led by new Chairman Kevin Warsh — due Wednesday.