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Stocks were setting up to recover from a recent bumpy patch early Monday, as earnings season starts to wind down and investors brace for an inflation reading crucial to Federal Reserve decision making.
At the open, the Dow Jones Industrial Average (^DJI) was up around 0.6%, while the S&P 500 (^GSPC) gained around the same amount. The tech-heavy Nasdaq Composite (^IXIC) rose about 0.5%.
The summer rally in stocks has cooled in the early days of August, and the three major gauges ended last week significantly lower in the wake of data showing continued cooling in the labor market. This week, the countdown is on to the July inflation report due Thursday, seen as a key factor in whether the Fed will pause interest rate hikes again at its September meeting.
Meanwhile, second-quarter results from Palantir (PLTR), Lucid Group (LCID), and Paramount Global (PARA) are among those on the docket on Monday as the earnings deluge starts to ease up.
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