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Stock market today: Stocks gain as Fed rate hopes fuel continued rally

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The Federal Reserve

Stocks rallied at the end of last week, getting a boost from a 'Goldilocks' jobs report.

Stocks opened higher 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 gained 0.4% while the tech-heavy Nasdaq Composite rose 0.3%. The Dow Jones Industrial Average inreased roughly 0.4%.

Most traders now expect at least two cuts by the end of the year. Those bets could be swung by the return of Fedspeak, now that free-speaking Fed officials are untethered from a pre-meeting blackout period. New York Fed President John Williams and the Richmond Fed’s Thomas Barkin are set for remarks Monday, while Minneapolis' Neel Kashkari is set to speak Tuesday. In corporate news, Disney will take center stage this week as earnings season starts to wind down.

 

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