US stocks nudged higher on Monday, with the Dow Jones Industrial Average and S&P 500 reaching new record closes.

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Watch from 1:12:14: https://t.co/2TDCWixZlJ pic.twitter.com/lg9uPVvvYj

— LyondellBasell (@LyondellBasell) September 23, 2024

Investors focused on upcoming speeches from Federal Reserve officials and a key inflation reading for clues on the likelihood of another interest rate cut. The Dow rose just over 0.1% to close at an all-time high, while the S&P 500 edged up more than 0.2% to finish at its own record.

The tech-heavy Nasdaq Composite climbed 0.1%.

The #StockMarket made new highs for the first time in 2 months after the #FederalReserve cut interest rates and economic data remained strong.

AI continued to drive the gains, but in unusual places. Get key insights here. $CEG $VST $NKE #Goldhttps://t.co/vEkqCDILXo

— TradeStation (@TradeStation) September 23, 2024

Investors are grappling with concerns about the health of the US economy, which persisted after the Federal Reserve’s bold pivot to cutting rates last week. The big question now is whether current conditions will support Fed Chair Jerome Powell’s assertion that the economy remains strong.

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— ET NOW (@ETNOWlive) September 24, 2024

Key data coming up this week includes Friday’s PCE index, the Fed’s preferred inflation gauge, and Thursday’s second quarter GDP report. A rising PCE index, rather than an increasing risk of recession, may give policymakers the green light for another 0.5% cut this year. On Monday morning, Fed officials Raphael Bostic and Neel Kashkari both favored a larger initial cut.

They cited progress on inflation and a cooling job market.

Great look at the Fed cuts and why stocks loved it from @sonusvarghese.@carsonrehttps://t.co/tTJZ6wqeCo

— Ryan Detrick, CMT (@RyanDetrick) September 22, 2024

Fed speeches shape market moves

Tesla’s stock rose on bullish forecasts from Wall Street ahead of the company’s robotaxi day in October.

Intel stock popped more than 4% after Apollo Global Management reportedly considered investing in the struggling chipmaker, signaling confidence in its turnaround strategy. GM stock fell following a downgrade from Bernstein analysts, who cited “earnings headwinds” and cost concerns. Boeing shares rose 2% on reports the company raised its contract offer to the machinists union to end a strike.

House Republicans are set to avert a government shutdown after weeks of negotiation. The proposed bill aims to keep the government open until Dec. 20.

Bank of America announced plans to open 165 new branches by the end of 2026. D.A. Davidson downgraded Microsoft, citing the tech giant’s reliance on Nvidia for its AI infrastructure and increasing competition from Amazon and Google. Trump Media & Technology Group stock fell 6% following the expiration of the company’s six-month lock-up period, allowing stakeholders to sell their stock.