- US stocks jumped on Monday as investors prepare for second-quarter earnings later this week.
- Investors are also awaiting key inflation data with the Wednesday release of the June CPI report.
- Fed President Mary Daly said at least two more interest rate hikes will likely be needed to curb inflation.
US stocks traded higher on Monday as investors prepare for second-quarter earnings season and shake off comments from Federal Reserve officials about more interest rate hikes.
Big banks will kick-off earnings season on Friday, which should give investors a read on the consumer and the broader economy. Investors are also preparing for the Wednesday release of the June CPI report, which will shed light on whether inflation is coming down and if more interest rate hikes from the Fed are necessary.
Other data scheduled to be released this week includes the Atlanta Fed Wage Tracker report for the month of June and the Manheim Used Vehicle Index, both of which help measure inflation.
San Francisco Fed president Mary Daly said on Monday that inflation is still too high, and that a couple more rate hikes are likely necessary.
"We're likely to need a couple more rate hikes over the course of this year to really bring inflation back into a path that's along a sustainable 2% path," Daly said at the Brookings Institution.
Here's where US indexes stood at the 4:00 p.m. ET close on Monday:
- S&P 500: 4,409.53, up 0.24%
- Dow Jones Industrial Average: 33,944.40, up 0.62% (209.52 points)
- Nasdaq Composite: 13,685.48, down 0.18%
Here's what else is happened today:
- Argentina's only way out of its deepening debt trap is adopting the dollar as its currency, top economist Steve Hanke said.
- Legendary investor Howard Marks detailed why understanding investor psychology is so important to securing better portfolio returns.
- Fundstrat issued a tactical buy recommendation on the S&P 500, expecting that the index will surge more than 2% to above the 4,500 level by Friday.
- Baby boomers own more than $75 trillion in wealth across real estate, stocks, and cash. Here's how their wealth compares to millennials and Generation X.
- Home prices are poised to tumble, while bitcoin could surge by two-thirds to $50,000 in less than six months, the president of a cryptocurrency-investment firm says.
In commodities, bonds and crypto:
- West Texas Intermediate crude oil fell 0.92% to $73.18 per barrel. Brent crude, oil's international benchmark, dropped 0.78% to $77.86.
- Gold fell 0.10% to $1,930.50 per ounce.
- The yield on the 10-year Treasury fell 5 basis points to 4.01%.
- Bitcoin rose 2.06% to $30,791, while ether jumped 1.90% to $1,898.