Stock market today: S&P 500, Nasdaq, Dow rise as wait for Powell begins

US stocks advanced on Monday after posting their best week in a year as investors began counting down to a speech by Fed Chair Jerome Powell at Jackson Hole that could reset rate cut expectations. The Dow Jones Industrial Average gained as much as 0.5%, or roughly 200 points, while the S&P 500 increased 0.4%. The tech-heavy Nasdaq Composite also increased 0.4%.

Focus is already turning to Powell's speech at the central bank's Jackson Hole symposium on Friday in a quiet week for economic data. As confidence in a "soft landing" for the economy grows — Goldman Sachs now sees a lower likelihood of recession — the question for investors isn't whether the Fed will lower interest rates in September but by how much. As of Monday morning, traders were pricing in a 72% chance the Fed will reduce rates by 0.

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