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The S&P 500 futures are up 11 points and are trading 0.2% above fair value, the Nasdaq 100 futures are up 64 points and are trading 0.3% above fair value, and the Dow Jones Industrial Average futures are up 21 points and are trading 0.1% above fair value.

Stock futures indicate a higher open following another record finish for the major indices yesterday. Pre-open gains in some mega cap names have contributed to the upside bias. There's still a wait-and-see vibe in play ahead of inflation data this week and in front of Fed Chair Powell's semiannual monetary policy testimony to Congress, which begins today before the Senate Banking Committee.

Today's economic data was limited to the NFIB Small Business Optimism Survey, which rose to 91.5 in June from 90.5.

Treasury yields are slightly higher. The 10-yr note yield is up two basis points to 4.29% and the 2-yr note yield is up one basis points to 4.63%.