The S&P 500 and Nasdaq 100 closed at record highs on Monday, driven by a nearly 2% gain in Nvidia stock.
The AI darling rose after UBS raised its price target to $150 per share in a Monday note. The bank said recent supply chain checks showed strong demand for Nvidia's next-generation Blackwell chips.
Investors will look to comments from Fed Chairman Jerome Powell as he testifies to Congress on Tuesday and Wednesday, a key inflation report, and the start of the second-quarter earnings season later this week to see if the gains can continue.
Perhaps the most important event of the week is the Thursday morning release of the June CPI report, which is expected to register a year-over-year gain of 3.1%, according to economist estimates.
The inflation report, combined with the June Producer Price Index released on Friday, will help inform investors and the Fed as to when interest rate cuts might occur.
Wharton professor Jeremy Siegel believes the Fed's September FOMC meeting is when the central bank will begin to cut rates.
Here's where US indexes stood at the 4 p.m. closing bell on Monday:
Here's what else happened today:
In commodities, bonds, and crypto: