Stock futures dipped on Monday, following a session in which the broader market notched new record highs, as traders looked ahead to retail sales data on Tuesday and a Federal Reserve policy meeting later this week.

During Monday’s regular session, Wall Street rallied in choppy, directionless trading, as investors struggled to balance economic optimism against steadily rising Treasury yields.

The Dow Jones Industrial Average rose by over 100 points and the S&P 500 Index also inched to a new high, bolstered by the signing of a new $1.9 trillion stimulus bill that’s poised to spur consumer spending and ignite economic growth. Most Americans are poised to receive $1,400 stimulus checks, which began arriving over the weekend, and Wall Street economists have already begun hiking their gross domestic product (GDP) estimates for the remainder of the year, amid expectations that the stimulus will unleash a consumer rebound.

Still, Washington’s aggressive spending spree, and super-accomodative monetary policy, has focused growing attention on runaway deficit spending — which is at least part of the reason why government borrowing costs have begun to spike, even as the Federal Reserve remains committed to fostering growth through lower yields and higher inflation.

The central bank will render its verdict on monetary policy on Wednesday, which is widely expected to confirm a bias for more easy policy.

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