Stocks rose Monday as market participants gear up for a busy week of inflation data ahead of the Federal Reserve's policy meeting later this month. The Dow Jones Industrial Average climbed more than 80 points, while the S&P 500 and Nasdaq Composite added 0.7% and 1.15%, respectively.
Here's how the market settled on Monday:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
Driving much of the session's bullish sentiment, The Wall Street Journal reported over the weekend that the consensus amongst policymakers it to hold the central bank's benchmark interest rate at their current levels at next week's meeting. The WSJ also reported that the Fed is softening its stance towards another rate hike this year, as inflation data continues to improve in response to high interest rates.
Still, market participants are currently pricing in a nearly 45% the central bank will raise interest rates at its November meeting, according to CME Group's FedWatch tool.
JPMorgan Chase
"To say the consumer is strong today, meaning you are going to have a booming environment for years, is a huge mistake," Dimon said at a financial conference in New York.
"Businesses feel pretty good because they look at their current results," Dimon added. "But those things change, and we don't know what the full effect of all this is going to be 12 or 18 months from now."
Helping support tech names on Monday, Morgan Stanley analyst Adam Jonas upgraded Tesla
Dow-member Disney
Qualcomm
Shares of food manufacturer J.M. Smucker
On Tuesday, Apple will hold its product event, called "Wonderlust," where the tech company is widely expected to unveil the iPhone 15.
Later this week, traders will react to fresh economic releases for August's Consumer Price Index, Producer Price Index, U.S. Retail Sales, and Consumer Sentiment.