A new record high for “Nasdaq” and “Standard & Poor’s”

Major stock indices on Wall Street opened higher on Monday, with the Nasdaq Composite and S&P 500 hitting new record highs during the session, as investors looked forward to a busy week of inflation readings and the start of corporate earnings reporting season.

The Dow Jones Industrial Average rose 233 points, or 0.59%, and the Standard & Poor’s 500 Index rose 10.25 points, or 0.18%.

The Nasdaq Composite Index also increased 7.25 points, or 0.04%, according to Reuters.

Markets are awaiting a number of important economic events this week, most notably the testimony of the Chairman of the Federal Reserve and US inflation data, as well as the start of the second quarter earnings reporting season for 2024.

At their last meeting, Federal Reserve officials acknowledged the slowdown in the US economy and waning inflationary pressures, but they still advised a wait-and-see approach before committing to interest rate cuts, according to the minutes of the June 2024 meeting.

The odds of a rate cut increased on Monday, with 69 percent of FeedWatch traders expecting the Federal Reserve to cut interest rates by 25 basis points in September 2024, up from 59.8 percent a week ago.