S&P 500, Nasdaq Trading Higher As Stocks Continue Rally Amid Inflation Bill Passage

The S&P 500, Nasdaq and Dow Industrials are each trading about 1% higher on Monday morning, as stocks look to continue their hot streak. As it stands right now, the S&P is up more than 6% in the last month, while the Nasdaq is up nearly 9%, giving some investors confidence that the bottom is in. 

The positive movement Monday morning comes after a better-than-expected non-farm payroll number Friday morning. The strong jobs report actually moved stocks lower, as the Street saw it more likely that the Federal Reserve will continue increasing rates at its planned pace. 

Investors will also be waiting for different economic data points this week. On Wednesday, before the open, we will get July’s CPI. June’s CPI came in higher-than-expected, showing inflation had not yet slowed down as some investors had hoped.

With gas prices falling every day throughout the last 50 days, many are optimistic about July’s CPI reading. The number is expected to dip from 9.1% in June to 8.7% in July.

Earnings Over?: We are approaching the end of the busy earnings season, with many of the biggest names behind us. Still, there are some noteworthy names reporting this week. After the close today, Upstart Holdings Inc UPST and Novavax Inc NVAX will be reporting.

Ralph Lauren, Roblox, Wynn Resorts, Rivian and others also report this week. Earnings for the most part have been better than expected this quarter, helping the major indices recover front their bottoms.