U.S. stock index futures mostly edged higher on Monday, as investors returned after a long holiday weekend.

By 05:34 ET (09:34 GMT), the Dow futures contract was mostly unchanged, S&P 500 futures had climbed by 32 points, or 0.4%, and Nasdaq 100 futures had risen by 289 points, or 1.0%.

The major indexes ended the last, holiday-shortened week in the green. The blue-chip Dow Jones Industrial Average added almost 2% last week, while the benchmark S&P 500 and tech-heavy Nasdaq Composite climbed by 1.8% and 2.1%, respectively.

A weaker-than-expected June U.S. jobs report released eased concerns about near-term monetary tightening, helping fuel the rally in equities.

The uptick came even as questions swirled around lofty valuations in artificial intelligence-exposed stocks. Capital expenditures on the infrastructure needed to power the nascent technology have soared, raising doubts over when, if ever, the spending will translate into returns.

Semiconductor stocks, in particular, have been dented against this backdrop. Over the last two weeks, the Philadelphia Semiconductor Index -- a key tracker of the chipmaking sector -- has shed 12%, although it is still higher year-to-date.

Meanwhile, minutes from the Federal Reserve’s June meeting are due on Wednesday. The release could offer further insight into the central bank’s interest rate path. Borrowing costs were left on hold at a range of 3.5% to 3.75% at the gathering, although official projections hinted at a possible rate hike this year.

New Fed Chair Kevin Warsh has also suggested that he may reveal a slate of appointees to his task forces designated to review the central bank’s practices in everything from communications to data analysis. 

On the earnings front, traders will also monitor the start of second-quarter results, with Levi Strauss & Co, PepsiCo (NASDAQ:PEP) and Delta Air Lines (NYSE:DAL) among the first major companies to report. 

Beyond stocks, oil prices edged down after the OPEC+ producer group once again boosted its output quotas over the weekend.

"[I]t was fairly status quo on the macro front over the weekend, although oil continues to drift lower as the case for supplies to expand beyond where they stood before the war grows stronger," analysts at Vital Knowledge said in a note.