Stock market today: Stocks edge up after best week of the year as investors turn attention to Fed symposium

US stocks edged higher on Monday after enjoying their best week of 2024.

The S&P 500 gained nearly 4% last week after
a string of economic data showed continued resilience
in US consumer spending and a stable labor market.

Now investors will
turn their attention to the Federal Reserve’s annual meeting
in Jackson Hole, Wyoming, with Fed Chair Jerome Powell to give a speech on Friday.

While the Fed will not make an interest-rate decision this week, the meeting serves as a chance for Powell to prepare markets for a September interest-rate cut.

“The key is whether Fed Chair Powell is dovish. We expect this to be the case for two simple reasons: first, inflation is tracking better than consensus expected,” Fundstrat’s Tom Lee said in a note on Monday. “Second, labor market is softening as unemployment is rising. Why would the Fed be hawkish.”

Aside from the Fed, investors will pay attention to second-quarter earnings results from retailers including
Lowe’s
,
TJX Cos.
, and
Target
, as well as
commentary from the Democratic National Convention
.

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

Here’s what else is going on today:

In commodities, bonds, and crypto:

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