Lucas Jackson/Reuters
US stocks edged higher on Monday as investors prepare for a big week ahead filled with important economic data and earnings results.
The July jobs report is set to be released on Friday, with economists expecting 190,000 jobs being added to the economy and the unemployment rate remaining unchanged at 4.1%.
The jobs report will help inform the Federal Reserve's interest rate policy going forward, as the Fed balances a steady economy with falling inflation.
The Fed's FOMC meeting is scheduled for Wednesday, with most investors expecting interest rates to stay unchanged, according to the CME FedWatch Tool.
"Even if rates don't change, the rhetoric should offer key clues to the degree to which the group is concerned about economic growth and whether they deem inflationary conditions," strategist Steve Sosnick of Interactive Brokers said last week.
Investors are instead expecting a 100% chance that the Fed cuts interest rates at its September FOMC meeting.
Finally, it's a big week for earnings results, with about 34% of S&P 500 companies set to release their second-quarter results this week. Some of the biggest companies including Apple, Microsoft, and Amazon will report results this week.
Of the 41% of S&P 500 companies that have already reported second-quarter earnings, 81% beat profit estimates by a median of 5%, while 59% beat revenue estimates by a median of 3%, according to data from Fundstrat.
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: