U.S. equity futures fell slightly on Monday after the Dow Jones Industrial Average catapulted to intraday and closing records, and as investors looked ahead to Nvidia earnings. Futures tied to the Dow fell by 99 points, or 0.2%. S&P 500 futures edged 0.2% lower, and Nasdaq 100 futures lost 0.3%. On Friday the blue-chip Dow soared 846.24 points, or 1.89%, to 45,631.74. The broad market S&P 500 rose 1.52% to 6,466.91. At its session high, it came within three points of its record. Meanwhile, the tech-heavy Nasdaq Composite gained 1.88%, ending the session at 21,496.53. Stocks rallied after Federal Reserve Chair Jerome Powell’s widely anticipated annual speech in Jackson Hole, Wyoming, in which he signaled the central bank could begin easing monetary policy next month. Expectations for a quarter-point rate cut in September jumped to about 84% according to the CME Group’s FedWatch tool, from about 75% earlier in the week. “We have seen the ingredients of a potential rotation trade out of tech into more cyclical and value stocks, and so to the extent you do see more anticipation of a Fed easing cycle, that momentum trade out of tech can continue,” said Adam Crisafulli, founder of Vital Knowledge. “That puts a lot of pressure on biggest reports this coming Wednesday.” Dell and Marvell will also report earnings on Thursday. Those names could play a key role in determining whether the tech rally is back on or if there’s further to go in the rotation trade, Crisafulli said. In the week ahead, traders are also looking forward to Friday’s July personal consumption expenditure price index, the Fed’s preferred inflation gauge. Economists polled by FactSet expect core PCE, which strips out volatile food and energy prices, will rise 2.9% on a year-over-year basis, compared to its 2.8% increase in June. Treasury yields inched higher as investors continue to digest Federal Reserve Chair Jerome Powell’s speech last Friday and look toward key inflation data due later in the week. The 10-year Treasury yield rose about 1 basis point to 4.269% as of 5:56 a.m. ET. The 2-year yield was over 2 basis points higher at 3.713%. Asia markets climbed Monday, led by China and Hong Kong stocks, after Federal Reserve Chair Jerome Powell signaled that the central bank could begin easing monetary policy next month in his widely anticipated annual speech in Jackson Hole, Wyoming. Mainland China’s CSI 300 extended its gains for the fourth consecutive session, climbing 2.08% to end the day at 4,469.22 after hitting a 37-month high earlier in the day. Hong Kong’s Hang Seng Index surged 1.94% to 25,829.91, after coming within range of a four-year high. Gains were led by Zijin Mining Group, which gained 6.38% and NetEase, which jumped 6.04%. he tech sector was among the key contributors to the HSI’s gains. The Hang Seng Tech index rose 3.14% to 5,825.09, with strong moves seen in Nio, which gained 15.17% and semiconductor and electronics manufacturer ASMPT, which added 7.6%. Strong gains were also seen in Taiwan’s Taiex index, which advanced 2.16% to 24,277.38. Over in South Korea, the Kospi index increased by 1.3% to end the day at 3,209.86, while the small-cap Kosdaq advanced 1.98% to 798.02. In Japan, the Nikkei 225 benchmark rose 0.41% to close at 42,807.82, while the broader Topix index ticked up 0.15% to 3,105.49. Australia’s S&P/ASX 200 benchmark ended flat at 8,972.40, after crossing the 9,000 threshold earlier in the session. Oil prices climbed on Monday as traders weighed concerns that Russian supply could be disrupted by more U.S. sanctions and Ukrainian attacks targeting energy infrastructure in Russia. Brent crude futures rose 29 cents, or 0.4%, to $68.02 at 0839 GMT, and West Texas Intermediate (WTI) crude futures gained 36 cents, or 0.6%, to $64.02. Gold ticked down on Monday as the dollar firmed, easing from a two-week high hit in the previous session after comments from U.S. Federal Reserve Chair Jerome Powell bolstered bets on interest rate cuts. Spot gold inched down 0.3% at $3,362.56 per ounce after touching its highest since Aug. 11 on Friday. U.S. gold futures for December delivery eased 0.3% to $3,407.30. The dollar index was up 0.2%, making gold more expensive for other currency holders.