US stocks edge higher after notching 7th straight weekly gain

• US stocks edged higher on Monday after notching its seventh-straight week of gains on Friday.
• Investors are closely watching interest rates after the Fed made a dovish pivot last week.
• It's a quiet week of economic data, with the November PCE deflator being released on Friday.

US stocks edged higher on Monday as investors monitor interest rates following the Federal Reserve's dovish pivot last week.

Stocks are set to consolidate some serious gains this week, with the S&P 500, Dow Jones Industrial Average, and Nasdaq 100 all notching a seven-week win streak on Friday.

Investors have their eyes on borrowing costs, which have plummeted over the past week. The US 10-year Treasury yield fell nearly 30 basis points over the past week to below 4%. The sharp decline came after the Fed signaled that rate cuts are more likely than hikes in 2024.

It's a quiet week on the economic data front, with the November PCE deflator the most important report, set to be released on Friday.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Monday:

• S&P 500: 4,729.32, up 0.21%

• Dow Jones Industrial Average: 37,326.95, up 0.06% (21.79 points)

• Nasdaq Composite: 14,813.92, up 0.35%

Here's what else is going on today:

• Adobe called off its plans to acquire Figma for $20 billion after the deal met intense scrutiny from regulators in Europe.
• A period of disinflation will spark the Fed to cut interest rates five times in 2024, according to a recent note from Goldman Sachs.
• It's been a horrible year for cannabis stocks, with the MJ PurePlay 100 Index falling 14% year to date, compared to a 23% gain for the S&P 500.
• Billionaire investor David Rubenstein said don't expect an economic recession just because the Federal Reserve might soon cut interest rates.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil jumped 2.79% to $73.78 a barrel. Brent crude, the international benchmark, rose 2.83% to $78.68 a barrel.
• Gold climbed 0.05% to $2,036.80 per ounce.
• The 10-year Treasury yield rose 3 basis points to 3.95%.
• Bitcoin edged higher by 0.05% to $41,370.