U.S. stocks are likely to extend their gains as major index futures are modestly higher on Monday. Strong earnings reports continue to support the market, with S&P 500 earnings expected to grow by 5% year-over-year — the highest rate since Q2 2022. The possibility of rate cuts has re-emerged, making this week’s flurry of Fed speeches potentially market-moving events. Analysts are confident the upward momentum will continue after a slow April, with the typical strength seen in election years (over the next three months) likely aiding the rally. Futures Performance (+/-) Nasdaq 100 +0.28% S&P 500 +0.31% Dow +0.29% R2K +0.76% In premarket trading on Monday, the SPDR S&P 500 ETF Trust (NYSE:SPY) climbed 0.31% to $512.87, and the Invesco QQQ ETF (NASDAQ:QQQ) jumped 0.27% to $436.65, according to Benzinga Pro data. Cues From Previous Session  A dovish Federal Reserve message, benign economic data, and positive earnings reports fueled the market rally for a second consecutive week. All three major indices closed the week ending May 3 firmly in positive territory. While Fed Chair Jerome Powell didn’t provide a specific timeline for rate cuts, he reassured investors by clarifying that hikes are not on the immediate horizon. Big tech companies like Apple, Inc. (NASDAQ:AAPL) and Amazon, Inc. (NASDAQ:AMZN) met analyst expectations with their earnings reports. The Institute for Supply Management’s service sector reading fell sharply and dipped into contraction territory. However, the monthly non-farm payrolls report offered mixed signals: lower-than-expected job growth in April, a slight increase in the unemployment rate, and slower-than-expected wage growth. Index WeeklyPerformance ...