us stock futures were steady early monday holding their latest rally ahead of testimony from federal reserve chair jerome powell and crucial jobs data later in the week on friday the dow jones industrial average djia rose 387 points or 117 to 33391 the sp 500 spx increased 64 points or 161 to 4046 and the nasdaq composite comp gained 226 points or 197 to 11689 stock futures are pausing for breath following a twoday bounce that broke a threeweek losing streak the sp 500 has recovered the 4000 mark as investors welcomed the sight of benchmark bond yields dipping back below 4 despite a report on friday showing the us services sector remains in robust health “us markets ended the week in positive territory for the moment looking through the implications of more recent data which suggest that the federal reserve still has work to do in taming inflation by raising interest rates further” said richard hunter head of markets at interactive investor “there was some relief following comments from a fed member which cemented the likelihood that the next rate rise will be 025 suggesting at least that the velocity of rate rises could have peaked” he added last week atlanta fed president raphael bostic said he was “very firmly” in the quarterpoint move camp the 10year treasury yield tmubmusd10y  which hit 4081 last thursday is down another 26 basis points to 3933 investors’ attention will now turn to powell’s semiannual congressional testimony on tuesday and wednesday then on friday the nonfarm payrolls report will show whether wage growth is being contained an important consideration for the central bank “powell will certainly reiterate that the fed is not yet done with its fight against inflation that the labor market remains particularly strong that a soft landing is possible yet the fed won’t hesitate to sacrifice growth to abate inflation as soon as possible” said ipek ozkardeskaya senior analyst at swissquote bank “looking at the latest set of data the uturn of easing inflation and last month’s blowout jobs figures we don’t expect to hear anything less than hawkish from mr powell but it’s always possible that a word like ‘disinflation’ slips out of his mouth and that we get a boost on risk” she added some analysts remained skeptical of the latest rally’s longevity “we think the countertrend rally can carry a bit further but expect the 40604080 zone on the sp 500 to represent firm resistance based on retesting the broken uptrend horizontal resistance from the midfeb breakdown and the falling 20 da moving average” said jonathan krinsky chief technical strategist at btig “above that the high volume zone of 41254150 should act as more important resistance” he added