S&P 500 futures hovered near the baseline on Monday evening after the comprehensive market index failed to rebound from last week’s downturn, marking its third consecutive session in the negative.

Futures associated with the S&P 500, as well as Nasdaq-100 futures increased by approximately 0.1%. Meanwhile, Dow Jones Industrial Average futures rose by 57 points, also reflecting a 0.1% increase.

During Monday’s regular trading session, shares of major tech firms weighed down the S&P 500 and the Nasdaq Composite indices, resulting in session losses. Companies involved in defense tech and artificial intelligence, particularly Palantir, extended its decline from the previous week by dropping over 10%. Additionally, Microsoft experienced a 1% downturn following a TD Cowen report that raised concerns about reductions in data center spending. Furthermore, Nvidia saw a 3% decline just ahead of its quarterly earnings report, scheduled for Wednesday after market closing.

The setback among technology stocks also dragged the Nasdaq Composite down into negative territory for the year.

“Overall, investors seem to be questioning whether the AI boom has come to an end. They are seeking evidence and reasons to doubt its resilience,” remarked Doug Clinton, a managing partner at Deepwater Asset Management, during CNBC’s “Closing Bell” segment on Monday. “From our standpoint, the AI market is still thriving. I believe this growth phase is far from over, with another two to four years ahead of us.”

In addition to Nvidia’s earnings this week, the financial community is also eagerly anticipating results from several other major companies, including Home Depot, set to announce its earnings before the opening bell on Tuesday.

On the economic side, market watchers are shifting focus towards the upcoming U.S. consumer confidence data expected to be released at 10:00 a.m. ET on Tuesday. Dow Jones polled economists are predicting a reading of 102.3 for the Conference Board’s consumer confidence index for February, a decrease from the previous month’s score of 104.1.

This report is part of a larger set of economic data expected later in the week, including the personal consumption expenditures (PCE) price index reading for January, which serves as the Federal Reserve’s preferred inflation measure due to be released on Friday.