06:48 AM EDT, 06/17/2024 (MT Newswires) -- US equity investors will remain focused on technology this week, particularly semiconductors, which has helped markets counter the impact of the evolving path of monetary policy.

* US markets will be shut for Juneteenth on Wednesday.

* Federal Reserve Chair Jerome Powell signaled last week more evidence is needed to conclude inflation is sustainably falling toward the 2% target after consumer and produce price pressures for May eased more than forecast. Further, policymakers reduced interest-rate cuts for this year to one from three in their Summary of Economic Projections. They extended the policy pause to the seventh meeting in June. Nevertheless, the Nasdaq Composite and the S&P 500 ended higher last week, notching several record highs.

* Last week, Broadcom ( AVGO ) , Adobe Systems (ADBE), Oracle (ORCL), Nvidia ( NVDA ) , and Apple ( AAPL ) lifted technology as company-specific news fired up investors. The sector's performance is vital for the two indexes to make fresh record highs. Meanwhile, the Dow Jones Industrial Average, home to 30 mega-caps mainly from the traditional economic landscape, has fallen three out of the four weeks ended Friday.

* Investors will look out for movements in bond yields after the 10- and two-year Treasury yields fell last week following a relatively less dovish tone from the Fed in the face of easing inflation and slowing labor market. Early Monday, the 10- and two-year yields were up 2.5 and 2.8 basis points to 4.23% and 4.71%, respectively.

* The main US data release due this week is retail sales for May. "At best a modest gain is expected given what we know so far about auto sales and gasoline prices," according to a note from Scotiabank. "Guidance from the National Retail Federation nevertheless points to a solid rise."

* Following last week's monetary policy meeting, investors will be focused on an abundance of Fed-speak this week, looking out for more explanation around the current thinking of voting members. No gamechanger earnings are expected this week.