The Dow Jones Industrials popped 213.18 points to 34,560.08.
The S&P 500 index hiked 27.6 points to 4,433.31.
The NASDAQ index spiked 114.49 points to 13,705.13.
All three indexes have lost ground in August, with the S&P 500 shedding 3.4%, while the NASDAQ has slipped 4.5%, and Dow faded 2.6%
Meta and Apple traded slightly higher, while Nvidia added 2%. Shares of electric vehicle giant Tesla were trading near the flatline.
Outside of tech, Shares of 3M popped 5% after a Bloomberg News report that the company was ready to settle lawsuits alleging some earplugs were faulty. Energy, industrial and real estate were the best-performing S&P 500 sectors.
Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. On Friday, Powell pointed to some signs of continued economic growth and strong consumer spending, but indicated that the central bank would “proceed carefully” with additional hikes.
As of Monday morning, traders were pricing in a nearly 20% chance that the Fed will hike rates again at its upcoming September meeting, according to CME Group’s FedWatch tool.
Prices for the 10-year Treasury gained a bit, lowering yields to 4.21% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices moved higher 27 cents to $80.10 U.S. a barrel.
Gold prices gained $7.60 to $1,974.50 U.S. an ounce.