The Nasdaq Composite jumped to a record high on Monday as investors rotated back into growth-oriented stocks ahead of a key Federal Reserve meeting.

The S&P 500 gained about 0.2% to another record close 4,255.15, boosted by the technology sector. 

Investors are giving growth and tech stocks another chance as bond yields come down. The 10-year Treasury fell below 1.43% on Friday, a three-month low. 

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. The Fed could possibly move up its forecast for a rate hike after saying in its last quarterly update that it would keep its benchmark rate near zero through 2023, the Wall Street Journal reported on Monday.

E-Mini Nasdaq

U.S. stock futures were steady in overnight trading on Monday after the Nasdaq Composite and S&P 500 registered new record highs ahead of the Federal Reserve’s latest monetary policy meeting.

The tech-heavy benchmark rose 0.7% to an all-time closing high of 14,174.14, overtaking the previous record on April 26.

Investors will also be watching for another inflation gauge released on Tuesday. The Producer Price Index — which measure the prices paid to producers as opposed to prices on the consumer level — is expected to rise 0.5% in May, according to Dow Jones estimates. The core PPI — which excludes volatile items like foods, energy and trade services — is also estimated to increase 0.5%.

May’s retail sales data are also slated for release at 8:30 a.m. ET. Economists polled by Dow Jones are expecting a drop of 0.6% for last month. Excluding autos, economists expect May’s retail sales rose 0.5%. Retail sales in April were unchanged as the boost from stimulus checks faded.