Investors were waiting for clues on the Federal Reserve’s interest-rate trajectory from this week’s testimony by Chair Jerome Powell and the release of the monthly payrolls data, which were both expected out this week. This is why U.S. stock index futures were muted on Monday.

The three major U.S. stock indexes increased on Friday and registered weekly gains as Treasury rates declined from their highs following comments from Fed policymakers that allayed concerns about swift rate increases.

The yield on 10-year Treasury notes in the United States decreased to 3.93%, its lowest level since March 1, while the yield on two-year notes dipped to 4.84% after peaking last week.

After solid economic data and sizzling inflation readings boosted predictions for further interest rate hikes this year, Powell will testify before Congress on Tuesday and Wednesday. Investors will be watching for cues on the policy outlook.

We don’t anticipate hearing anything less than hawkish from Mr. Powell, according to Ipek Ozkardeskaya, senior analyst at Swissquote Bank, when considering the most recent set of statistics, the U-turn of easing inflation, and last month’s astronomical jobs numbers.

Yet it’s always possible that he’ll utter a term like “disinflation,” giving us a risk lift.

Traders expect at least three 25-basis-point rate hikes this year and see rates peaking at 5.44% by September from 4.67% now.

At 05:29 a.m. ET, Nasdaq 100 e-minis were up 5.25 points, or 0.04%, while S&P 500 e-minis were down 1.75 points, or 0.04%. The Dow was down 31 points, or 0.09%, at this time.

In premarket trading, Apple Inc. (NASDAQ:AAPL) shares increased 1.0% after Goldman Sachs (NYSE:GS) began coverage of the iPhone manufacturer with a “buy” rating.

Chinese businesses Alibaba (NYSE:BABA) and PDD Holdings saw declines of 0.9% and 1.3% in their respective U.S.-listed stock prices as China announced a moderate aim for economic growth this year of around 5%, below market estimates of growth of 5.5% or more.