Stocks tied to the economic recovery rose after a stronger-than-expected jobs report on Friday, sending two key market averages to all-time highs.

The S&P 500 rose nearly 0.2% to clinch its own record close at 4,436.52.

Friday's jobs report showed that the U.S. economy added 943,000 jobs in July, according to the Labor Department. Economists expected the economy to have added 845,000 jobs last month, according to estimates from Dow Jones. The unemployment rate dropped to 5.4%, below the estimate of 5.7%.

So far, 89% of companies in the S&P 500 have reported earnings this quarter, and 87% of those have beaten earnings expectations, according to FactSet. That is on track to be the best quarter for earnings surprises since at least 2008.

Stock futures traded lower early Monday after the Dow Jones Industrial Average notched a record close Friday following a stronger-than-expected jobs report.

U.S. senators reconvened Sunday to work toward the passage of a $1 trillion infrastructure bill, a top political priority of President Joe Biden. The Senate is slated to hold another key procedural vote late Sunday and vote on final passage Tuesday. The bipartisan package is expected to have sufficient Republican support to pass in the Senate and move to the House for consideration in September.

The Nasdaq Composite bucked the trend, dipping 0.4% to 14,835.76. 

The signs of a strong economic recovery could prompt the Federal Reserve to pull back its monetary support measures and prepare to begin tapering its bond-buying program.

The yield on the benchmark 10-year Treasury note jumped as high as 1.3% after the better-than-expected jobs report. The 10-year yield this summer has pulled back significantly from its highs in March, when it neared 1.8%.

Meanwhile, technology stocks retreated after the jump in rates. Rising rates discount the value of future earnings and therefore can hit growth stocks like technology names particularly hard.

Investors are awaiting key inflation data scheduled for release this week. The consumer price index and the producer price index are scheduled to come out Wednesday and Thursday, respectively.

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Plan A : Remain sell as long as oil price stays below 67.8. Targets are 66.3 and 65.1.

Plan B : Consider buy if oil prices holds resiliently above 66.3 and rebound. Targets are 67.8 and 69.0.

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Plan A : Remain sell as long as gold price stays below 1766.1. Targets are 1730.6 and 1673.3.