Stocks showed a notable rebound to close out the previous week but may move back to the downside in early trading on Monday. The major index futures are currently pointing to a lower open for the markets, with the Dow futures down by 133 points.

Lingering concerns about inflation and the outlook for monetary policy may lead to a pullback on Wall Street ahead of the release of the minutes of the Federal Reserve’s latest monetary policy meeting on Wednesday.

Traders are likely to closely analyze the Fed minutes for indications officials are growing concerned about the recent acceleration in inflation and considering tapering asset purchases.

The Fed has repeatedly signaled that it believes the increase in inflation largely reflects “transitory factors,” although the spike in consumer prices reported by the Labor Department last week still helped trigger a sell-off on Wall Street.

Selling pressure may return this morning after the rebound seen last Thursday and Friday lifted the major averages off their lowest closing levels in over a month.

In U.S. economic news, the Federal Reserve Bank of New York released a report showing its index of regional manufacturing activity pulled back modestly in May after jumping to a more than three-year high in the previous month.

The New York Fed said its general business conditions index dipped to 24.3 in May from 26.3 in April, although a positive reading still indicates growth in regional manufacturing activity.

Economists had expected the index to slip to 23.9 after reaching its highest level since October of 2017 in the previous month.

Shortly after the start of trading, the National Association of Home Builders is scheduled to release its report on homebuilder confidence in the month of May. The housing market index is expected to come in unchanged at 83.

Stocks showed a strong move to the upside during trading on Friday, extending the rebound seen on Thursday. The major averages all climbed firmly into positive territory, with the tech-heavy Nasdaq showing a particularly strong advance.

The major averages ended the session near their best levels of the day. The Dow jumped 360.68 points or 1.1 percent to 34,382.13, the Nasdaq soared 304.99 points or 2.3 percent to 13,429.98 and the S&P 500 surged up 61.35 points or 1.5 percent at 4,173.85.

Despite the rally on the day, the major averages moved notably lower for the week. The Nasdaq tumbled by 2.3 percent, while the S&P 500 and the Dow slumped by 1.4 percent and 1.1 percent, respectively.

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Monday. Japan’s Nikkei 225 Index slid by 0.9 percent, while China’s Shanghai Composite Index advanced by 0.8 percent.

Meanwhile, the major European markets have all moved to the downside on the day. While the U.K.’s FTSE 100 Index has fallen by 0.6 percent, the French CAC 40 Index is down by 0.4 percent and the German DAX Index is down by 0.2 percent.

In commodities trading, crude oil futures are falling $0.40 to $64.97 a barrel after jumping $1.55 to $65.37 a barrel last Friday. Meanwhile, after climbing $14.10 to $1,838.10 an ounce in the previous session, gold futures are rising $10.60 to $1,848.70 an ounce.

On the currency front, the U.S. dollar is trading at 109.23 yen versus the 109.35 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.2141 compared to last Friday’s $1.2141.

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