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The stock market ended last week in record-setting fashion and it will look to continue its run to fresh all-time highs at today's open with futures on the S&P 500 trading 20 points above fair value.

The market is tracking an upbeat start even though the weekend featured some renewed misgivings about U.S.-Iran peace negotiations. The U.S. carried out more strikes against the Iranian regime over the weekend, though President Trump has maintained that Iran wants to make a deal. WTI crude has reclaimed some of last week's losses in response, rising back to $90/bbl.

Technology stocks are set to pace today's upbeat start after a weekend technology conference in Taiwan where NVIDIA (NVDA ) announced plans for a new processor. The news presents a challenge to Intel (INTC) and AMD (AMD) while tech stocks like IBM (IBM), Arm Holdings (ARM), and Microsoft (MSFT) have responded positively.

The start of the new month brought the release of a big batch of data from major economies, though surprises were limited. China's official Manufacturing (50.0) and Non-Manufacturing (50.1) readings essentially pointed to a standstill while the eurozone's reading (51.6) came in above 50.0, reflecting an expansion. The U.S. session will also feature the final May Manufacturing PMI, followed by May ISM Manufacturing Index (Briefing.com consensus 53.1%; prior 52.7) at 10:00 ET.

Treasuries have faced some early pressure after last week's show of strength with shorter tenors lagging while the long end outperforms. The 2-yr yield is up two basis points at 4.03% while the 10-yr yield is flat at 4.45%.