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Stocks rose Monday as Wall Street looked set to build on an end-of-week surge precipitated by a softer-than-expected jobs report that helped spur bets toward an earlier rate cut from the Federal Reserve.
The S&P 500 (^GSPC) gained 0.8% while the tech-heavy Nasdaq Composite (^IXIC) rose 0.9%. The Dow Jones Industrial Average (^DJI) increased roughly 0.4%.
Stocks rallied at the end of last week, getting a boost from a "Goldilocks" jobs report that struck the balance in providing welcome news for both the markets and the Fed. More than two-thirds of bets are now on a September rate cut from the Fed, according to the CME FedWatch Tool. Most traders now expect at least two cuts by the end of the year.
Those bets could be swung by the return of Fedspeak this week, now that free-speaking Fed officials are untethered from a pre-meeting blackout period.
On Monday, New York Fed president John Williams said officials will make rate cut decisions based on the totality of incoming data. Williams assured eventually "we'll have rate cuts," but for now monetary policy is in "a very good place."
Also on Monday, Federal Reserve Bank of Richmond President Thomas Barkin expressed optimism that inflation will come down to 2% as "the full impact of higher rates is yet to come."
Minneapolis's Neel Kashkari is set to speak on Tuesday.
In corporate news, Disney (DIS) will take center stage this week as earnings season starts to wind down. Its stock is up around 25% so far this year.
Meanwhile, after a 6% post-earnings rally on Friday, Apple (AAPL) shares were down around 0.5% after Berkshire Hathaway CEO Warren Buffett revealed over the weekend the company had pared its holdings in the iPhone maker.
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