The New York Stock Exchange is set to open with little change in early trading on Monday, after the S&P 500 and Nasdaq set new highs last Friday.

Half an hour before the opening, futures contracts on the main New York indices were stable, or even down around 0.2%, heralding an early session of around equilibrium.

The S&P 500 and Nasdaq had gained 1.6% and 3.3% respectively last week, their seventh week of gains in eight, setting new all-time records.

But while Wall Street may be churning out record after record, investors may not be as confident as they seem, even though the VIX index is trading at record lows.

"The incredible resilience of the US equity markets is surprising," points out Alexandre Baradez, Head of Market Analysis at IG France.

It's worth remembering that during the eurozone debt crisis, the S&P 500 gave up almost 20% between May and August 2011, before recovering', he points out, perhaps seeing this as a sign of renewed volatility to come.

Other potential market disruptors also remain, such as persistent inflation, which is beginning to weigh on household morale and jeopardize the Fed's rate cuts.

On the bond market, the yield on 10-year Treasuries edged back up to 4.27%, after hitting almost three-month lows last week.

Oil prices are also recovering on the downside as the third quarter approaches, which usually means increased demand with the vacation season.

US light crude (West Texas Intermediate, WTI) is up 0.4% at over $78.7.

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