U.S. stocks jumped on Monday led by technology shares as investors flocked back into growth names amid declining bond yields.

The S&P 500 rose 0.7% to 3,940.59, breaking a two-day losing streak. 

On Tuesday Fed Chairman Jerome Powell and Treasury Secretary Janet Yellen will make their first joint appearance before the U.S. House Committee on Financial Services. The discussion will center on the oversight of the Treasury’s and Federal Reserve’s pandemic response.

Many on Wall Street believe bond yields’ rebound to pre-pandemic levels shouldn’t be too alarming given the magnitude of the economic recovery from pandemic-triggered recession.

U.S. stock index futures were slightly lower in early morning trading Tuesday, after all three major averages posted gains during regular trading hours Monday.

The tech-heavy Nasdaq Composite gained 1.2% to 13,377.54 as the 10-year Treasury yield retreated. 

Since the intraday low on March 23 both the S&P 500 and Dow have advanced 80%. The Nasdaq Composite is up 93%, while the Russell 2000 has surged 135%.

Plan A : Long if market supported firm above 13053. Targets are 13085, 13115 and 13150.

Plan B : Short if market failed to support above 13053. Targets are 13015, 12971 and 12930.

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Plan A : Remain sell as long as oil price trades below 61.9. Targets are 60.6 and 59.9. 

Plan B : Consider long only if oil price able to trade firmly above 60.6. Targets are 61.7 and 62.3.