Wall Street kicks off week higher ahead of inflation numbers
Wall Street's main indexes rose on Monday, recovering losses from last week, as investors looked ahead to a key inflation report and commentary from a slew of Federal Reserve officials this week to gauge the central bank's interest rate path.
The second-quarter earnings season kicks off this week and investors will assess the impact of tight monetary conditions and fears of an impending economic slowdown on businesses.
Overall, earnings for the S&P 500 constituents are expected to fall 5.7% in the quarter, Refintiv data showed.
At 11:38 a.m. ET, the Dow Jones Industrial Average was up 157.52 points, or 0.47%, at 33,892.40, the S&P 500 was up 4.94 points, or 0.11%, at 4,403.89, and the Nasdaq Composite was up 4.62 points, or 0.03%, at 13,665.34.13,665.34
Five out of the 11 major S&P 500 sectors advanced, with industrials leading gains, rising 1.1%.
Big banks such as JPMorgan Chase and Citigroup edged up, ahead of reporting earnings on Friday.
Advancing issues outnumbered decliners by a 2.18-to-1 ratio on the NYSE and a 2.42-to-1 ratio on the Nasdaq.
The S&P index recorded 21 new 52-week highs and four new lows, while the Nasdaq recorded 42 new highs and 33 new lows.