U.S. stocks rose slightly on Friday with the S&P 500 adding to its new record, as Wall Street wrapped up the week on a high note.

The S&P 500 climbed 0.2% to a fresh closing high of 4,247.44, a second record close in a row. In terms of weekly results, the S&P 500 posted a 0.4% gain and marked its third consecutive positive week.  

Perhaps giving a boost to stocks has been the reaction in the bond market to the hot inflation reports. The 10-year Treasury yield slid just below 1.43%, marking a three-month low. It was trading above 1.77% earlier in the year.

U.S. stock futures were steady in early morning trading Monday as investors digested the S&P 500′s record level heading into a week with a key Federal Reserve meeting.

The Nasdaq Composite advanced 0.4% to 14,069.42 with Apple, Microsoft and Netflix all registering gains. The Nasdaq Composite was the outperformer with a rally of nearly 1.9% and posting its fourth winning week in a row.

Tech companies tend to underperform in a rising-rate environment as higher rates lower the present value of expected cash flow for growth-oriented companies. The tech-heavy Nasdaq has been the relative loser in 2021 among the major averages as bond yields turned higher.

The Fed’s two-day policy meeting will likely dominate investor behavior this week. Although the central bank is not expected to take any action, its forecasts for interest rates, inflation and the economy could move the markets.