• Driven by solid economic data, U.S. stocks rose slightly after their best week of 2024.
• The S&P 500 gained nearly 4% last week, reflecting consumer resilience and a strong labor market.
• Investors are focusing on the Fed’s Jackson Hole meeting and upcoming retail earnings.

U.S. stocks rose slightly on Monday after posting their best week of 2024.

The S&P 500 rose nearly 4% last week after a series of economic data showed continued robust U.S. consumer spending and a stable labor market.

Investors are now turning their attention to the annual meeting of the US Federal Reserve in Jackson Hole, Wyoming, where Fed Chairman Jerome Powell will speak on Friday.

Although the Fed will not make a rate decision this week, the meeting will provide Powell with an opportunity to prepare markets for a rate cut in September.

“The key is whether Fed Chairman Powell remains dovish. We expect this to happen for two simple reasons: First, inflation is better than generally expected,” said Tom Lee of Fundstrat in a note on Monday. “Second, the labor market is weakening while unemployment is rising. Why would the Fed pursue a restrictive monetary policy?”

Aside from the Fed, investors will be watching second-quarter results from retailers such as Lowe’s, TJX Cos. and Target, as well as commentary from the Democratic National Convention.

Here you can see the situation of the US indices shortly after trading began at 9:30 a.m. on Monday:

Here’s what else is happening today:

For commodities, bonds and cryptocurrencies:

• The price of West Texas Intermediate crude oil fell 0.17% to USD 75.41 per barrel. The international benchmark price of Brent crude oil fell 0.24% to USD 79.49 per barrel.
• Gold prices fell 0.32% to $2,529.70 per ounce.
• The yield on 10-year government bonds rose 1 basis point to 3.89%.
• Bitcoin rose 0.73% to $58,867.