US stocks climb as investors brace for this week's Fed meeting and consumer inflation data

• US stocks rose on Monday ahead of a catalyst-filled week that includes the November CPI report.
• Investors will hope to see signs that inflation is continuing to decelerate, as it did in October.
• The Fed FOMC meeting will include an interest rate decision on Wednesday, December 14.

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US stocks edged higher on Monday as investors prepare for a catalyst-filled week that could move stock prices in a big way.

The first catalyst is the release of the November CPI report, which will reveal to investors whether inflation is continuing to decelerate, as it did in October. The CPI report will be released on Tuesday, and consensus estimates are for headline monthly and annual inflation of 0.4% and 7.7%, respectively.

The CPI report will then be followed up by the Fed's December FOMC meeting, which begins Tuesday and ends on Wednesday with a press conference and an interest rate decision from Fed chairman Jerome Powell. The market currently expects an interest rate hike of 0.50%, a slowdown from the Fed's prior rate hikes of 0.75%.

Also moving stocks on Monday was a flurry of merger deals that totaled more than $70 billion, according to data from Bloomberg. Some of the bigger deals include Amgen buying Horizon Therapeutics for $28 billion, Thoma Bravo buying Coupa Software for $8 billion, and Microsoft purchasing a $2 billion stake in the London Stock Exchange Group. 

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

• S&P 500: 3,942.34, up 0.2%
• Dow Jones Industrial Average: 33,588.90, up 0.3% (112 points)
• Nasdaq Composite: 11,024.95, up 0.2%

Here's what else is happening this morning:

• Microsoft's $2 billion acquisition of a 4% stake in the London Stock Exchange will include the stock exchange using Microsoft's cloud product for the next decade.
• Treasury Secretary Janet Yellen said inflation looks set to slow significantly in the coming year even if there's no recession, as long as the US economy isn't rattled by further shocks.
• The Federal Reserve may have to abandon its 2% inflation target next year as it falls behind in its fight against rising prices because of past policy mistakes, Mohamed El-Erian said.

In commodities, bonds and crypto:

• West Texas Intermediate crude oil rose 0.89% to $71.65 per barrel. Brent crude, oil's international benchmark, jumped 0.28% to $76.31.
• Gold fell 0.64% to $1,799.20 per ounce.
• The yield on the 10-year Treasury fell five basis point to 3.53%.
• Bitcoin rose 0.53% to $17,025, while ether jumped 0.54% to $1,253.