Stock futures rose to begin trading for the week as investors bought up tech shares in the wake of recent weakness. Nasdaq 100 futures rallied by 0.7%. Meanwhile, Dow Jones Industrial Average futures climbed 61 points, or 0.2%, and S&P 500 futures rose by 0.4%. Tesla gained 6% in premarket trading after Morgan Stanley upgraded the stock and predicted a significant rally ahead because of breakthroughs with its autonomous software. Qualcomm shares jumped more than 8% after the semiconductor company said Monday it will supply Apple with 5G modems for smartphones through 2026. The Technology Select Sector SPDR, made up of the tech shares in the S&P 500, was down 1.5% in August and another 1.6% this month through Friday. The ETF is up nearly 40% on the year. Bullish sentiment Monday was helped by a Wall Street Journal report on Sunday that there was a consensus among Fed members to not raise rates when the central bank meets next week. Fed futures trading early Monday now put the chance of the Fed staying on hold on Sep. 20 at 93%, according to the CME FedWatch tool. Whether the Fed hikes again this year is undecided, the WSJ report said. All three major indexes posted losing weeks last week. The tech heavy Nasdaq Composite suffered the biggest loss, down nearly 2% on fear of higher rates. Investors are looking forward to key inflation data in the week ahead after a string of stronger-than-expected economic data points last week had renewed worries that the Federal Reserve could raise rates more than previously expected. Wednesday and Thursday bring the latest consumer price index and producer price index readings, respectively. Investors are hoping for low readings, although both are expected to jump due to energy cost pressures. Retail sales data is also expected Thursday and the University of Michigan’s Consumer Sentiment Survey will be released on Friday, which should give insight on how well spending could hold up for the rest of the year. Apple will also hold its product event on Tuesday, dubbed “Wonderlust,” during which the company is widely anticipated to unveil the iPhone 15. The 10-year U.S. Treasury yield rose Monday as investors awaited key economic data due this week that could provide additional clues about the outlook for interest rates. The yield on the 10-year Treasury was up by four basis points to 4.298%. The 2-year Treasury yield was last trading about flat at 4.993%. Asia-Pacific markets were mixed at the start of a week where key economic data from major economies will take center stage. On Tuesday, India will release its inflation and industrial output figures for August, while China will announce its industrial output, retail sales, and most notably, house sale prices on Friday. Hong Kong’s Hang Seng index tumbled about 0.38% in its final hour. Hong Kong’s financial markets were closed on Friday due to a “black rainstorm” warning and the market is playing catch up today. Mainland Chinese stocks were in positive territory, led by health-care and consumer cyclical stocks, with the CSI 300 rising 0.74% and closing at 3,767.54. In Australia, the S&P/ASX 200 rose 0.50% and ended at 7,192.3, snapping a four-day losing streak. Meanwhile, Japan’s Nikkei 225 was down 0.43%, closing at 32,467.76 while the Topix was up marginally to finish at 2,360.48. South Korea’s Kospi climbed 0.36%, ending the day at 2,556.88, while the Kosdaq was down 0.18% to close at 912.55. Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week. Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. Brent crude fell 23 cents, or 0.2%, to $90.40 a barrel by 8:07 a.m. ET, while U.S. West Texas Intermediate crude was at $87.05 a barrel, down 46 cents, or 0.5%. Gold rose on Monday, heading for its best session in nearly two weeks as the dollar retreated before this week’s key U.S. inflation reading that could influence the Federal Reserve’s interest rate decision later this month. Spot gold climbed 0.3% to $1,924.20 per ounce by 8:01 a.m. ET, while U.S. gold futures also rose 0.3% to $1,948.40.