Stock futures opened flat to slightly lower Monday evening on the heels of another record-setting session, with both the S&P 500 and Nasdaq logging new all-time highs.

Contracts on the S&P 500 and Nasdaq hugged the flat line in late trading. Facebook (FB) shares added to gains after jumping 4% during the regular trading day, which brought the social media giant's market capitalization above the $1 trillion mark for the first time ever. 

The Dow, heavy in cyclical and value shares, underperformed during the regular trading day as technology and growth stocks extended a run of outperformance. This growth leadership came as Treasury yields dipped across the curve, with the 10-year yield falling below 1.5% as concerns over lasting, elevated inflation and an interest rate hike retreated further. 

"There was some worry after the initial June FOMC [Federal Open Market Committee] meeting that they were going to turn hawkish and maybe do a preemptive strike if needed," Chris Gaffney, TIAA Bank president of world markets, told Yahoo Finance. "But they walked that back with commentary over the past few days. And I think the market is again confident that they're going to stay out of the way and that we're going to see continued growth and actually a good environment for stocks going forward." 

“As this recovery continues to mature, I think we’ll continue to see another rotation from growth into value, and some of the cyclicals will come back in favor,” he added. “We’ve had several head fakes between value and growth rotations, and markets have been somewhat choppy. But we think cyclicals are going to be set up for a recovery and come back into favor.”

Others agreed that the current technology-led market – with the Nasdaq having set four record closing highs over the past week alone – may ultimately expire. 

“This is probably the greatest debate in the macro universe right now, which is whether the reflation trade has anymore legs. Should you be in cyclicals, value, commodities, EM [emerging markets], or it a moment for growth stocks, tech stocks, to really outperform long term?” Clocktower Group Chief Strategist Marko Papic told Yahoo Finance. 

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"I do think there's this … cyclical mini-hiccup in growth that's coming up. And that's really a combination of this upcoming fiscal cliff, which will be significant," he added. "And you have generally just concerns that the current pace of growth won't be kept up, and that has given a bid to bonds, brought the yields lower and definitely given growth stocks a little bit of a kick in the rear." 

"Broadly I would say that investors should not fall in love with this interregnum, with this period of outperformance by growth," Papic said. "And that's because although there are some intra-cyclical hiccups in growth that we all kind of understand, the fact of the matter is that the Fed is probably far behind the curve. And that's because this cycle does not have the headwinds to [economic] growth that the last cycle had."

6:!5 p.m. ET Monday: Stock futures pull back slightly

Here's where markets were trading ahead of the opening bell on Monday:

  • S&P 500 futures (ES=F): 4,278.25, -2.25 points (-0.05%)

  • Dow futures (YM=F): 34,162.00, -2 points (-0.01%)

  • Nasdaq futures (NQ=F): 14,495.00, -17.5 points (-0.12%)

NEW YORK, NEW YORK – MAY 11: People walk by the New York Stock Exchange after global stocks fell as concerns mount that rising inflation will prompt central banks to tighten monetary policy on May 11, 2021 in New York City. By mid afternoon the tech-heavy Nasdaq Composite had lost 0.6% after falling 2.2% at its session low. (Photo by Spencer Platt/Getty Images)

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck

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