The Dow Jones Industrials gained 157.06 points to 36,404.93.
The S&P 500 gained 18.07 points to 4,622.44.
The NASDAQ rallied 28.51 points to 14,432.49.
The S&P 500 and NASDAQ are coming off their sixth straight weekly gain. This week, investors are looking ahead to key inflation data, which could affect market movements and rate policy from the Federal Reserve. The central bank begins its two-day meeting Tuesday.
Macy’s shares rallied more than 19% on news the retailer received a buyout offer for $5.8 billion. Tech stocks Apple stepped back 1.7% and Nvidia slid 2%, putting pressure on the NASDAQ. Shares of Meta Platforms ticked down 2.1%.
The Fed is expected to maintain the fed funds rate steady in the 5.25%-5.5% range. Chair Jerome Powell is also expected to reiterate his commitment to lowering inflation in his press conference on Wednesday. Already, indicators are that markets are pricing in a 45% likelihood in March that the Fed will lower rates by 0.25 percentage points.
Prices for the 10-year Treasury fell slightly, raising yields to 4.24% from Friday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices gained 25 cents to $71.48 U.S. a barrel.
Gold prices docked $17.80 to $1,996.70.