Stock market futures pointed higher Monday as Wall Street eyed fresh records, with investors balancing resilient economic data against a soft-landing narrative and a supportive earnings backdrop. Dow, S&P 500, and Nasdaq futures all advanced in early trade, setting the stage for a positive open after last week’s momentum carried major indexes to or near all-time highs.

The move comes as investors position for a week heavy on catalysts: a packed earnings slate from tech, consumer, and industrial bellwethers; key inflation readings that could reinforce disinflation trends; and ongoing signals that growth remains steady without reigniting price pressures. Together, these forces have underpinned risk appetite, even as Treasury yields hover in a tighter range and the dollar steadies.

Mega-cap technology remains a focal point, with AI-driven demand and cloud profitability continuing to anchor sentiment. At the same time, leadership has broadened, with cyclicals and select small caps catching a bid as investors rotate into beneficiaries of durable domestic demand. Energy and materials are also in focus amid commodity volatility and supply dynamics, while defensive sectors lag modestly as risk-on tone prevails.

Under the surface, the market continues to reward earnings quality, balance-sheet strength, and clear margin visibility. Companies guiding to stable pricing, improving productivity, or disciplined capex are being favored, while those signaling cost headwinds or demand slippage face swift multiple compression. Forward P/E ratios remain elevated versus long-term averages, but robust cash flows, buybacks, and dividends are helping justify premiums in key pockets of the market.

Near term, the path of least resistance leans higher so long as inflation data remain benign and earnings surprises skew positive. Risks to watch include hotter-than-expected price prints, a reacceleration in yields, geopolitical flare-ups, or guidance resets that challenge the soft-landing thesis. For investors, staying selective—tilting toward high-quality growth with reasonable valuations, cyclicals with operating leverage, and secular AI beneficiaries—continues to make sense. Keep an eye on market breadth and credit conditions; if both remain constructive, the case for new highs strengthens.