The major U.S. index futures are currently pointing to a roughly flat open on Monday, with stocks likely to show a lack of direction after turning in a strong performance last week.

Traders may be reluctant to make significant moves as they look ahead to the release of the Labor Department’s closely watched monthly jobs report on Friday.

Economists currently expect employment to jump by 195,000 jobs in November after inching up by 12,000 jobs in October, while the unemployment rate is expected to tick up to 4.2 percent from 4.1 percent.

Reports on job openings, private sector employment, service sector activity and consumer sentiment are also likely to attract attention in the coming days.

Traders are also likely to keep an eye on remarks by several Federal Reserve officials, including Fed Chair Jerome Powell, as they look for additional clues about the outlook for interest rates.

CME Group’s FedWatch Tool is currently indicating a 65.4 percent chance the Fed will lower rates by another 25 basis points later this month but a 34.6 percent chance the central bank will leave rates unchanged.

Shortly after the start of trading, the Institute for Supply Management is scheduled to release its report on manufacturing activity in the month of November.

The ISM’s manufacturing PMI is expected to tick up to 47.5 in November from 46.5 in October, but a reading below 50 would still indicate contraction.

Following the pullback seen during Wednesday’s session, stocks moved back to the upside on Friday as trading resumed following the Thanksgiving Day holiday on Thursday.

With the rebound, the major averages more than offset the previous session’s losses, lifting the Dow and the S&P 500 to new record closing highs.

The major averages pulled back off their best levels going into the close but remained firmly positive. The Dow rose 188.59 points or 0.4 percent to 44,910.65, the Nasdaq advanced 157.69 points or 0.8 percent to 19,218.17 and the S&P 500 climbed 33.64 points or 0.6 percent to 6,032.38.

For the holiday-interrupted week, the Nasdaq and the S&P 500 both jumped by 1.1 percent, while the narrower Dow surged by 1.4 percent.

The strength on Wall Street came as some traders looked to pick up stocks at relatively reduced levels following pullback seen on Wednesday.

Semiconductor stocks helped lead the rebound, with the Philadelphia Semiconductor Index climbing by 1.5 percent after hitting its lowest intraday level in over two months in the previous session.

The strength in the sector came as semiconductor equipment makers jumped after a report from Bloomberg said the Biden administration is weighing curbs on sales of semiconductor equipment and AI memory chips to China that stop short of stricter measures previously considered.

Most of the other major sectors showed more modest moves, however, as some traders remained away from their desks following the holiday on Thursday and ahead of the early close for the markets this afternoon.

A lack of major U.S. economic data may also have kept traders on the sidelines ahead of the release of several closely watched reports next week.

The Labor Department’s monthly jobs report is likely to be in focus next week, while traders are also likely to keep an eye on reports on manufacturing and service sector activity.

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