Global shares rose and US equity futures were flat as U.S. bond yields hovered near a 13-month to start the week as bets economic growth will accelerate kept high duration stocks depressed as investors braced for Federal Reserve and other key central bank meetings in the days ahead. The Dow notched five consecutive record highs last week as approval of one of the largest fiscal stimulus in U.S. history and vaccine rollouts fueled demand for economy-linked stocks such as banks, energy, materials at the cost of tech names with lofty valuations.

At 7:40 a.m. ET, Dow E-minis were up 118 points, or 0.36%, Nasdaq 100 E-minis were up 24.75 points, or 0.19% and S&P 500 E-minis were up 5 points, or 0.1%, fading an earlier gain of 3,948 amid caution how the Fed would respond to the stimulus-fueled snapback in economic activity.

American Airlines and Carnival rose in pre-market trading. U.S. Steel advanced after saying it expects earnings to improve on the back of strong market conditions. FAAMG names all rose between 0.1% and 0.6% in early trade. Microsoft stands to receive nearly a quarter of COVID relief funds destined for U.S. cybersecurity defenders, sources told Reuters, angering some lawmakers who don’t want to increase funding for a company whose software was recently at the heart of two big hacks. Eli Lilly and Co dropped 5% premarket as analysts said the company’s mid-stage trial data for its experimental drug to treat Alzheimer’s cast a doubt on the approval timeline.

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