US stocks traded higher on Monday as investors prepare for second-quarter earnings season and shake off comments from Federal Reserve officials about more interest rate hikes.
Big banks will kick-off earnings season on Friday, which should give investors a read on the consumer and the broader economy. Investors are also preparing for the Wednesday release of the June CPI report, which will shed light on whether inflation is coming down and if more interest rate hikes from the Fed are necessary.
Other data scheduled to be released this week includes the Atlanta Fed Wage Tracker report for the month of June and the Manheim Used Vehicle Index, both of which help measure inflation. San Francisco Fed president Mary Daly said on Monday that inflation is still too high, and that a couple more rate hikes are likely necessary.
"We're likely to need a couple more rate hikes over the course of this year to really bring inflation back into a path that's along a sustainable 2% path," Daly said at the Brookings Institution.
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