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US stocks rose Monday, as the Dow Jones Industrial Average (^DJI) and S&P 500 (^GSPC) eked out record closes, extending a winning streak on Wall Street. Investors looked to Federal Reserve speakers and a key inflation reading for clues to the odds of another big rate cut.
The Dow rose more than 0.1% after closing at an all-time high on Friday. The S&P 500 edged up more than 0.2% to finish at its own record. The tech-heavy Nasdaq Composite (^IXIC) climbed 0.1%.
The market is laboring with concerns about the health of the US economy, which have persisted after the Fed’s bold pivot to cutting interest rates last week. The big question now is whether upcoming data releases this week will support Fed Chair Jerome Powell’s assertion that conditions remain strong.
Much will depend on Friday’s reading on the PCE index — the Fed’s preferred inflation gauge — and Thursday’s second quarter GDP print. Experts believe that cooling inflation, not a rising risk of recession, will give policymakers the green light for another 0.5% cut this year.
Investors received more policy insight from Fed officials on Monday morning. Raphael Bostic and Neel Kashkari explained why they were in favor of reducing interest rates by a jumbo 50 basis points instead of a smaller first cut, citing progress on inflation and a cooling job market.
Given the rare lack of unanimity in the last decision, remarks from Powell and dissenting Fed governor Michelle Bowman later in the week are likely to be closely scrutinized.
Among Monday’s movers, Tesla (TSLA) stock rose on a bullish delivery forecast from Wall Street ahead of the EV maker’s robotaxi day in October. Intel (INTC) shares also jumped after Apollo Global Management reportedly offered to make a multibillion-dollar investment in the struggling chipmaker — a vote of confidence in its turnaround strategy.
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