U.S. stock futures are up early Monday morning, following a mixed week that saw rotation out of expensive tech stocks in favor of value, despite the third consecutive interest rate cut on Wednesday.

Investors on Monday will be eagerly awaiting the results of the Empire State Manufacturing Survey, alongside the speeches of Federal Reserve Governor Stephen Miran and New York Fed President John Williams, both scheduled early in the day, ahead of a slew of other economic data that is set to be released over the course of this week.

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The 10-year Treasury bond yielded 4.17% and the two-year bond was at 3.51%. The CME Group’s FedWatch tool‘s projections show markets pricing a 73.4% likelihood of the Federal Reserve leaving the current interest rates unchanged when it meets again on Jan. 28, 2026.

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Monday. The SPY was up 0.24% at $683.37, while the QQQ declined 0.17% to $614.65, according to Benzinga Pro data.