Futures contracts tied to the major U.S. stock indexes ticked lower early Monday, suggesting Wall Street could see muted trading after reaching fresh records last week.

Futures for the Dow Jones Industrials retreated 53 points, or 0.2%, to 33,629.

Futures for the S&P 500 stumbled 6.25 points, or 0.2%, to 4,113.25.

Futures for the NASDAQ Composite index stepped back 39.25 points, or 0.3%, to 13,790.25 Friday.

Reopening plays fell slightly in early trading Monday with shares of Carnival, United Airlines and Gap off about 1% in the pre-market.

Tesla gained 1.5% to $687.01 in early trading after Canaccord Genuity upgraded the stock to buy and raised its price target to $1,071, citing its battery innovations.

Shares of Nuance Communications jumped 21% in early trading as Microsoft is in talks to acquire the speech-recognition company.

United Airlines fell about 1% after the carrier said its first-quarter revenue is expected to fall 66% compared with the same period in 2019. The new guidance fells near the top of the range between 65% and 70% that the company had previously forecast.

The first-quarter earnings reporting season begins this week, with expectations set for broadly positive news and an uptrend for U.S. equities thanks to a recovering economy. Many of the nation’s largest banks, including Goldman Sachs and JPMorgan Chase will this week report results for the three months ended March 31.

The coming week is also packed with Federal Reserve speeches and key economic data including a hotly anticipated inflation reading Tuesday, when the U.S. consumer price index is released.

The central bank’s chairman, Jerome Powell, kicked off the week of multiple Fed appearances with an interview that aired Sunday evening on CBS News’ “60 Minutes.”

During the interview, Powell reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates.

Overseas, in Japan, the Nikkei 225 fell 0.8% Monday, while in Hong Kong, the Hang Seng index tumbled 0.9%.

Oil prices climbed 68 cents to $60.00 U.S. a barrel.

Gold prices dulled $1.50 to $1,743.30 U.S.

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