U.S. stock futures retreated on Monday, suggesting that the recent rally in the stock market could pause this week as investors parse fourth-quarter results to see how higher interest rates are affecting major companies.

Tencent Holdings Ltd. shares have surged in recent weeks on signs that China is preparing to end its crackdown on major tech firms and on optimism about the country's reopening.

An entity controlled by the Cyberspace Administration of China (CAC), the country's internet watchdog, took a 1% stake in an Alibaba business based in Guangzhou, south China, on Jan. 4, according to China's corporate registry. The CAC also appointed an official to the board of the Alibaba entity, whose media portfolio includes mobile browser UC Web, people familiar with the matter say.

The central bank district's monthly Survey of Consumer Expectations for December showed that the one-year inflation outlook declined to 5%, down 0.2 percentage points from the previous month. This is the lowest level since July 2021.

The last-minute suspension of Ant's planned $34 billion initial public offering in late 2020 was one of the pivotal moments in the years-long crackdown.