U.S. stock futures were all higher on Monday after the major averages logged gains for April, and the Dow Jones Industrial Average notched its best month since January.

Futures tied to the Dow climbed 6 points, or 0.02% while S&P 500 and Nasdaq-100 futures rose 0.07% and 0.09% respectively.

Stocks are coming off a winning week and month. On Friday, the blue-chip index added 272 points, or 0.8%, while the S&P 500 rose 0.83%. The Nasdaq Composite advanced 0.69% as Big Tech earnings took center stage.

For the month, the Dow gained 2.5% to notch its best monthly stretch since January, while the benchmark index gained 1.5%. The tech-heavy index posted marginal gains.

Earnings reports from major tech companies dominated much of last week's market debate, fueling the narrative that earnings are faring better-than-feared, despite many widespread macroeconomic concerns.

So far, a little over half of S&P 500 companies have reported earnings, with more than 79% and about 72% surpassing earnings and sales expectations, respectively. First-quarter earnings are currently on track to fall 3.7% for the period, a smaller drop than the 6.7% decline projected on March 31, according to FactSet.

"There was definitely a very positive surprise on the big tech earnings," said Jan Szilagyi, CEO of Toggle AI. "There was a certain trepidation going into the earnings season," as expectations called for relative weakness.

Reports from many of these technology giants helped to lift some market confidence, he added.

Elsewhere, CNBC reported over the weekend that regulators have called on banks to submit a final offer for embattled lender First Republic, under pressure from deposit flight in the wake of Silicon Valley Bank's collapse. JPMorgan Chase and PNC are among the likely bidders.

The latest update comes after the bank reported last week that deposits tumbled more than 40% in the first quarter, triggering further declines in the already struggling stock. Shares have cratered 97% since the start of the year.

In other news, investors anxiously await the latest rate hike decision from the Federal Reserve, due out Wednesday at the conclusion of the central bank's policy meeting. As of Sunday evening, about 79% of traders anticipate a 25 basis point rate hike, according to CME Group's FedWatch tool. Wall Street will closely monitor remarks from Fed Chair Jerome Powell, offering clues into the central bank's forward policy path.

Monday kicks off another busy week for earnings, with results from Norwegian Cruise Line and MGM Resorts. Reports from Pfizer, Starbucks, Advanced Micro Devices and CVS Health are due out later in the week.

On the economic front, Wall Street awaits ISM manufacturing data, construction spending and S&P Global manufacturing PMI on Monday. April's nonfarm payrolls report is on deck Friday.

Australia expected to hold inflation rate steady at 3.6%

Australia's central bank is expected to hold its benchmark policy rate at 3.6% when it announces its decision Tuesday.

A Reuters poll of 34 economists revealed that 26 of them expect the Reserve Bank of Australia to keep rates at current levels, while the remaining eight forecast a 25-basis-point hike.

If the RBA hikes rates to 3.85%, that would be the highest level since April 2012.

Australia's inflation — a key data point for the RBA — eased to 7% in the first quarter, lower than the 7.8% recorded at the end of 2022.

— Lim Hui Jie

China factory activity unexpectedly shrinks in April

China's factory activity contracted in April, in contrast to economists expectations for growth.

Data from the National Bureau of Statistics revealed the country's manufacturing purchasing manager's index fell to 49.2 from 51.9 in March, below the 51.4 expected by economists.

A reading of above 50 indicates expansion, while a reading of below 50 indicates contraction.

This also marks the first contraction since December, when the official manufacturing PMI was at 47.

— Lim Hui Jie

Four technology stocks account for 60% of S&P 500's 2023 gains

Just four technology stocks account for 60% of the S&P 500's 8.6% gain so far in 2023, according to Bespoke Investment Group.

That includes Apple and Microsoft, making up 39% of that gain combined. Nvidia and Meta Platforms together account for another 21%.

Technology stocks have been on a tear in 2023 as investors rotate back into the beaten-down growth sector.

Of the group, Meta Platforms has experienced the sharpest gains, with shares up nearly 100%. Nvidia and Microsoft have jumped about 90% and 28%, respectively, as the drive for artificial intelligence dominates investor focus. Apple's stock is up 30.6%.

— Samantha Subin

Where the major averages stands

This is where all the major averages stand as a new month of trading begins.

Dow Jones Industrial Average:

• Up 2.9% for the year
• Gained 2.5% in April for its best month since January
• Sits 7.7% off its record high

S&P 500:

• Gained 8.6% year to date
• Rose 1.5% in April
• 13.5% off record high

Nasdaq Composite:

• Up 16.8% in 2023
• Added 0.04% in April
• 24.6% off record high

— Samantha Subin, Chris Hayes

Mario Gabelli shares the best trades he's ever made

Focusing on this simple phenomenon helped veteran investor Mario Gabelli make what he calls some of the best trades in his expansive career.

"That notion is going global, of finding companies that have pricing power in the world that we see, run by good management, with good businesses at reasonable prices," the Gamco Investors CEO and chairman told CNBC at the Morningstar Investment Conference in Chicago.

Read more about the phenomenon and the names he ranks among his best trades here.

— Samantha Subin

Stock futures open flat

Stock futures opened flat on Sunday.

Futures tied to the Dow traded flat, while S&P 500 and Nasdaq-100 futures inched 0.05% and 0.07% lower, respectively.

— Samantha Subin